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Revolut Drops USDT in Europe After Tether’s MiCA Decision

Revolut will let EU customers wind down USDT holdings through the end of August, then shift its offering toward MiCA-compliant stablecoins like USDC.

By Mike Hesp
• 2 min read
Revolut Drops USDT in Europe After Tether’s MiCA Decision

Key Takeaways

  • Revolut will stop supporting USDT for customers in the European Union on August 31.
  • Customers can still buy USDT until July 6, and new deposits will be cut off on July 30.
  • Tether is not applying for MiCA authorization, which is pushing USDT off more regulated European platforms.

Revolut is set to remove USDT from its lineup for European Union customers on August 31. The decision comes after Tether said it would not seek authorization under MiCA, a move that is pushing the market’s largest stablecoin further out of regulated European offerings.

Phased Wind-Down

The crypto exchange and fintech company will keep allowing USDT purchases until July 6. After that, the wind-down will happen in stages: deposits will be disabled on July 30, and users will have until August 31 to sell the token or move it to an external crypto wallet. Any remaining USDT after that date will be automatically converted into fiat at the prevailing exchange rate.

Revolut confirmed the change on July 3 through X and directed users to a list of licensed alternatives. The company is valued at $75 billion (€65.5 billion) and has more than 75 million customers, which makes the change especially noticeable for European retail investors.

MiCA Is Putting Pressure on Stablecoins

MiCA took full effect on July 1, and the European registry of licensed providers has since expanded to 280 firms. For major stablecoin issuers, that means meeting strict rules, including holding a large portion of reserves in bank deposits. Tether has said that structure could create liquidity risks, according to the company.

European rules also call for an e-money license from an EU member state, and Tether has not applied for one. That helps explain why USDT has already been removed from several regulated European platforms, while competitors that do comply with MiCA are gaining ground. The shift is also showing up among firms leaning into the new framework: USDC is seeing more institutional access through regulated channels.

Why This Matters for European Trading

For crypto users in Europe, this is more than a simple app update. USDT is still the world’s biggest stablecoin, but the European market is clearly moving toward alternatives like USDC, which does have MiCA authorization. That could matter for anyone using stablecoins to trade, transfer funds, or self-custody assets, since liquidity and token support may start to vary more from one platform to another.

Tether remains dominant globally with a market cap of about $184 billion (€161 billion) and daily trading volume of $41 billion (€35.8 billion). Even so, the European wind-down shows that size and regulated access do not always line up, especially as regulators draw firmer boundaries around the stablecoin market.

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