Revolut, the London-based crypto neobank, will delist USDT on August 31 under pressure from the European Union's Markets in Crypto-Assets regulation, the company confirmed via in-app notices this week.
The deadline aligns with MiCA's full implementation date, when the ruleset governing stablecoins and crypto service providers becomes binding across the EU. Tether, which holds a market-cap rank of third globally with a price hovering near $0.999, becomes a casualty of enforcement mechanisms built into the ruleset around issuer licensing, capital reserves, and redemption rights.
Revolut users holding USDT have until August 31 to convert the asset into other holdings, withdraw it to an external wallet, or transfer it elsewhere. The company did not specify alternative stablecoins it may support after the deadline, nor did it detail whether users can trade out of USDT on the platform before the delisting takes effect.
MiCA requires stablecoin issuers to be licensed and maintain defined capital buffers tied to the value of coins in circulation. Tether has faced persistent questions about the composition and sufficiency of its reserves, and the company has not sought or obtained a MiCA license for USDT. Without regulatory approval, EU-regulated platforms like Revolut cannot offer it.
Other major exchanges operating in Europe have made similar moves. The delisting is not Revolut's first regulatory retrenchment under MiCA, but it marks one of the most visible since the regulation entered force in phases. Earlier tranches required platforms to register with national authorities and implement customer verification and transaction reporting by June. The August 31 deadline addresses asset compliance, forcing platforms to choose between sponsoring a stablecoin through licensing or removing it.
Revolut's move signals that the company intends to remain active in EU markets rather than wind down crypto services. Platforms choosing to exit entirely would face no delisting obligation. The choice to stay and comply, however, narrows the asset menu available to EU customers.