Tether Turns Focus to Brazil Amid USDT Exit from Europe

The Bitcoin price has rebounded from last week's slide below $60,000 and is currently trading at around $62,700.

Tether (USDT) is shifting its attention to Brazil after Europe's MiCA rules came into force, which led several major exchanges to remove USDT trading for users in the European Economic Area.

The stablecoin issuer has led a $20 million strategic funding round for Mercado Bitcoin, Latin America's largest crypto platform, with 4.5 million users and over ten regulatory licenses across Brazil and Europe.

If Tether's strategy delivers, it could lead to fresh liquidity flowing into Bitcoin. However, if not, it may simply serve as a smart insurance policy against losing ground in Europe.