Tether CEO Paolo Ardoino said the company has not applied for a license under the European Union’s Markets in Crypto-Assets (MiCA) framework, arguing the regulation is “very dangerous” for stablecoins.According to ChainCatcher, Ardoino said MiCA could force stablecoin issuers to hold 60% of their reserves as uninsured cash deposits in smaller European banks, which he said may be unable to handle large-scale redemptions.Ardoino described the legislation as poorly considered and said Tether’s decision to skip MiCA was intended to protect its more than 400 million users.