"Tether (USDT) Market Cap Shrinks by 1.2% After EU's MiCA Law Implementation"

On the 2nd (local time), the cryptocurrency-focused media The Block reported that "since the implementation of the European Union (EU)'s cryptocurrency regulation law MiCA on December 30th last year (local time), Tether (USDT)'s market capitalization has decreased by $1.8 billion," stating that "this is the largest weekly fluctuation since the FTX bankruptcy incident."

It continued, "Before the MiCA implementation, USDT's market cap was $138.8 billion, but it is now $137.0 billion, a decrease of 1.2%." It further explained that "if we extend the period to two weeks, the decrease is about 2.7%."

Nia added, "However, it's difficult to conclude that the MiCA implementation alone affected the decrease in USDT's market cap."