Revolut Drops USDT Support Amid Tightening EU Crypto Regulations

Revolut, a leading fintech company in Europe, is removing support for Tether's USDT stablecoin from its platform, affecting approximately 50 million users worldwide. The move comes as part of Revolut's efforts to comply with the European Union's Markets in Crypto-Assets Regulation (MiCA), which aims to create a unified set of rules for crypto assets across EU member states.

Under MiCA, only certain stablecoins that meet strict licensing and reserve requirements are permitted to operate freely on regulated platforms. USDC, issued by Circle, appears to be one of the few major dollar-pegged stablecoins that has achieved full compliance approval under these new standards.

Revolut users holding USDT will have until August 31 to sell or withdraw their balances. After this deadline, any remaining holdings will be automatically converted into fiat currency. This change is expected to have a direct impact on users who actively hold or transact in stablecoins within the Revolut ecosystem.