Revolut Axes USDT Support for Millions Amid EU Stablecoin Rules
Revolut, Europe's largest fintech with around 65 million users, is delisting Tether USDt (USDT) for its customers after August 31. This move comes in compliance with the European Union's Markets in Crypto-Assets framework (MiCA), which requires issuers to meet certain authorization requirements.
The digital bank will stop supporting USDT purchases on July 6 and new deposits from July 30, ahead of the final cutoff on August 31. After this deadline, any remaining balances will be automatically converted into each user's base fiat currency at the day's market rate.
This decision is a result of Tether declining to meet MiCA rules, specifically regarding reserve requirements that force large issuers to park their backing in EU bank deposits. Paolo Ardoino, Tether's chief executive, has defended this position and criticized MiCA's reserve rules for creating systemic risk.