The EU's upcoming MiCA crypto regulations are reshaping the digital token market, particularly impacting stablecoins like Tether’s USDT, which many exchanges have delisted to comply. Experts warn that these regulations may reduce market liquidity and make the EU less appealing to traders, as USDT is crucial for transactions and cross-border transfers. While Circle has secured the necessary e-money license, Tether has not, potentially leading to its removal by the end of the year, amid concerns over illegal activities associated with USDT.