TLDR
- Tether CEO Paolo Ardoino criticized the ECB’s Digital Euro project, mocking its viability in a social media post.
- Ardoino’s remarks reflect growing tensions between private stablecoins like Tether’s USDT and central bank digital currencies.
- The ECB launched the Digital Euro in November 2023, aiming to provide a secure digital currency alternative to cash.
- European regulators face difficulties in enforcing the MiCA framework, with notable discrepancies between national implementations.
- Tether has resisted MiCA regulations, particularly the requirement for independent audits of reserves, which it has long avoided.
Tether CEO Paolo Ardoino has openly criticized Europe’s digital currency ambitions, targeting the European Central Bank’s (ECB) Digital Euro project. His comments come as European regulators face challenges implementing the EU’s new MiCA framework. The digital euro initiative, which the ECB launched in November 2023, aims to complement cash with a secure and privacy-conscious digital currency.
Ardoino’s Sarcasm on the Digital Euro
Ardoino mocked the Digital Euro in a post on X (formerly Twitter), sarcastically stating, “Santa will bring us all the Digital Euro.” This jibe highlights the growing tension between private stablecoins, like Tether’s USDT, and central bank digital currencies (CBDCs) across Europe. Tether, a major player in the stablecoin market, has consistently raised concerns about government-issued digital currencies.
Santa will bring us all the Digital Euro https://t.co/8KTc1iWGka
— Paolo Ardoino 🤖 (@paoloardoino) September 15, 2025
The Digital Euro, a project in its early stages, aims to provide a secure, digital alternative to physical cash. Yet, Ardoino’s remarks suggest skepticism about the ECB’s ability to make it a viable alternative. With Tether’s dominance outside Europe, this criticism underscores the ongoing rivalry between CBDCs and private stablecoins.
MiCA Regulation Faces Challenges in Europe
Alongside the criticism of the Digital Euro, Tether’s resistance to MiCA regulation has drawn attention. The Markets in Crypto-Assets (MiCA) framework, effective from December 2024, aims to standardize crypto regulations across the EU. However, many national regulators, including France’s AMF, Austria’s FMA, and Italy’s Consob, have raised concerns about its uneven implementation.
The three regulators issued a joint statement warning of significant differences in how MiCA is being enforced in different EU countries. They expressed concerns that crypto firms could exploit these inconsistencies by choosing more lenient jurisdictions. These regulatory differences could ultimately undermine investor protection and Europe’s global competitiveness in the crypto market.
Tether’s Resistance to MiCA’s Requirements
Tether, under Ardoino’s leadership, has avoided engaging with the MiCA framework, which imposes strict rules on stablecoin issuers. MiCA requires stablecoins to have full reserve backing with liquid assets and imposes caps on daily transactions. These regulations also demand stablecoin issuers to hold significant reserves with EU banks.
When MiCA becomes safer for consumers and stablecoin issuers, then we might reconsider.
— Paolo Ardoino 🤖 (@paoloardoino) July 23, 2025
One of the most contentious aspects of MiCA is the demand for independent audits of reserves, which Tether has long avoided. While Tether provides attestations of its reserves, it has not conducted a full audit since 2017. Ardoino himself has cited the reputational risks faced by auditors following the collapse of FTX and other scandals.
Ardoino’s stance against the MiCA framework reflects his belief that the regulations may create more risks than benefits for consumers and issuers. As a result, Tether has chosen to continue operating outside the scope of European regulations. While firms like Coinbase, Kraken, and Bybit have already secured MiCA approvals, Tether remains resolute in resisting these regulations.
