Revolut Ditches USDT Support Amid MiCA Enforcement

Revolut has announced it will stop supporting Tether's (USDT) stablecoin on August 31, giving customers nearly two months to buy, deposit, sell or withdraw their balances. The fintech company has set a staged deadline for users: they can continue buying USDT until July 6, new deposits will stop on July 30, and users can still sell or withdraw the stablecoin until August 31.

After this date, any remaining USDT balances in affected Revolut accounts will be converted into fiat currency at the prevailing exchange rate. This move comes as Europe's Markets in Crypto-Assets (MiCA) framework has moved from transition to enforcement, introducing new rules for crypto-asset service providers and stablecoin issuers.

Tether CEO Paolo Ardoino recently stated that MiCA's reserve structure kept USDT out of Europe due to concerns around bank deposits, reserve liquidity, and redemption risk. Revolut's delisting adds another consumer-facing restriction to the post-MiCA stablecoin market, with other platforms also reducing or removing USDT access for European users.