Tether dropped its European Union license application because the EU’s Markets in Crypto-Assets regulation, or MiCA (EU crypto-market regulation), requires major stablecoin issuers to hold at least 60% of reserves in bank deposits. Tether said the requirement does not fit how it manages its reserves. Tether Chief Executive Officer Paolo Ardoino made the remarks after the European Central Bank (ECB), the euro area’s central bank, and other central banks in the European Union expressed opposition to the rule. Wu Blockchain reported the comments on September 22.