Revolut is delisting USDT effective August 31, the fintech platform told customers this week. Any remaining holdings will be converted automatically into the user's base currency.
The move tracks closely with the European Union's Markets in Crypto Assets (MiCA) regulation, which took full effect in December 2023 and subjects stablecoins to strict authorization requirements. Tether, which underpins roughly a third of global stablecoin trading volume by market data, has not obtained MiCA authorization in the EU. Revolut operates licensed payment services across the bloc and faces direct regulatory oversight from national authorities.
Revolution's decision reflects a broader pattern: platforms with formal EU licenses are removing stablecoins that lack the required regulatory status. Tether has faced years of scrutiny over reserve backing and compliance. The delisting adds pressure on a token that ranks third by market capitalization but operates in an increasingly constrained regulatory envelope.
Revolver did not publicly detail which assets will replace USDT in its offerings or whether customers will have a grace period to withdraw holdings before automatic conversion. The lack of transparency on the mechanics left some users frustrated in early reactions. Revolut has typically used stablecoins like USDC, which obtained MiCA authorization, as alternatives.
The August 31 deadline gives Revolut roughly six months to communicate the change to its retail base and manage liquidity flows. For customers outside the EU, the delisting may not apply. The fintech firm has not clarified jurisdiction-specific rollout yet.
MiCA itself does not ban unauthorized stablecoins outright. It prohibits their issuance and marketing within the EU, but member states retain discretion on whether to allow trading of foreign-issued tokens. Revolut's decision appears to reflect internal compliance appetite rather than a formal regulatory prohibition. Other EU platforms have maintained USDT access under narrower terms or taken different interpretations of the rule.