Revolut Axes USDT Support Amid EU Regulatory Pressure

Revolut, Europe's largest fintech with around 65 million users, is dropping support for Tether USDt (USDT) after August 31. This move follows the European Union's Markets in Crypto-Assets framework (MiCA), which requires issuers to meet certain authorization requirements.

Tether has declined to seek MiCA e-money approval for USDT, and its CEO Paolo Ardoino has criticized the regulation's reserve rules, saying they could create systemic risk. Revolut secured its own MiCA license from Cyprus securities regulator CySEC in November 2025.

Customers can keep buying USDT until July 6, but any balance sitting in affected accounts past August 31 will convert into each user's base currency at the prevailing exchange rate. This decision affects millions of users and follows a trend of regulated European venues delisting USDT since enforcement of MiCA rules began in late 2024.

USDT remains the third-largest crypto asset by market value, worth around $184B, but its standing is slipping inside the EU, where compliance now decides which stablecoins are permitted. Circle's USDC and EURC have secured approval under MiCA and continue to be listed on regulated European venues.