The European Union is about to take a major step in regulating cryptocurrencies with the imminent entry into force of the MiCA (Markets in Crypto-Assets) rules. This initiative, praised by some as a step towards better transparency and an increased fight against financial abuses, however, triggers intense concerns among industry players. Indeed, the regulation requires the removal of USDT, the most widely used stablecoin in the world, from regulated platforms within the EU. Such a decision could disrupt the balance of European markets and call into question their attractiveness on the global stage.