Revolut Drops USDT Support Amid EU's MiCA Framework

Revolut has announced that it will discontinue support for USDT on its platform by August 31. The decision is a result of the European Union's MiCA framework, which took full effect on July 1, 2023.

The fintech giant will allow users to buy and deposit USDT until July 6 and July 30, respectively. After these deadlines, any remaining USDT balances will be automatically converted into fiat at the prevailing exchange rate.

This move follows other European companies ending support for the largest stablecoin in the region, including Coinbase, Kraken, Crypto.com, and Binance. The implementation of MiCA is reshaping the European stablecoin market, with compliant alternatives like USDC gaining wider adoption.