Revolut Drops Support for USDT as EU MiCA Rules Take Hold

Revolut has announced it will discontinue support for USDT, the largest stablecoin, in Europe by August 31. The move comes after the European Union's Markets in Crypto-Assets (MiCA) framework took full effect on July 1, 2023. Under MiCA, licensed crypto platforms can only offer stablecoins that comply with its requirements.

Tether chose not to apply for MiCA approval, citing incompatible reserve management strategies. As a result, several major exchanges have already removed USDT from their regulated European services. Revolut's decision further reduces the number of regulated platforms where European customers can access the stablecoin.

The company will allow users to buy USDT until July 6 and deposit it until July 30 before the phased removal begins. Any remaining USDT balances left on Revolut after August 31 will be automatically converted into fiat currency at the prevailing exchange rate.