The European Union's MiCA Act has officially come into force, but Tether's USDT has yet to be certified for compliance, raising concerns about its future in the European Union market. MiCA imposes strict requirements on stablecoin issuers, and big-name stablecoins such as Tether face capital reserve and liquidity requirements, which could lead to their withdrawal from the European Union market. Still, Tether's large market capital and global adoption make it unlikely to suffer an immediate financial shock. Meanwhile, some exchanges in the European Union have begun to take measures to deal with the new regulations, and Coinbase Europe has removed stablecoins such as USDT. Analysts say MiCA will push some small and large companies out of the European Union, promoting market consolidation and possibly higher investment and operating costs.