PANews reported on December 30 that Tether CEO Paolo Ardoino forwarded and participated in the controversial discussion on MiCA (EU Crypto-Asset Market Regulation). Commentators believe that requiring stablecoin issuers to deposit more than 30% of their liquidity in banks is actually a huge support for the traditional banking system and runs counter to innovation. In contrast, traditional banks only need to keep 1% of eligible deposits in the central bank as reserves, which is obviously unfair. In addition, the details of Circle's USDC redemption agreement in Europe have also raised more questions.