Tether's CEO said that the EU's licensing is actually very risky because MiCA requires stablecoin issuers to spread 60% of their reserves across multiple small and medium-sized European banks. When $USDT deposits $100, the bank might only keep $10 on hand, with the remaining $90 being loaned out. Plus, a lot of these deposits are uninsured. If something happens to these small banks (and they mess up often ), the money could just disappear. Looks like the future of crypto in the EU is going to be like Hong Kong today