Revolut Drops USDT for Millions of Users Amid EU Stablecoin Crackdown

Revolut has announced that it will stop supporting Tether's USDt (USDT) stablecoin for its users after August 31, 2026. The decision is due to the European Union's Markets in Crypto-Assets (MiCA) framework, which requires issuers of stablecoins to have obtained MiCA e-money approval. Since Tether has not sought this approval, Revolut will automatically convert any leftover USDT balances into each user's base fiat currency at the day's market rate.

The move affects around 65 million users in Europe and is a result of Revolut securing its own MiCA license from Cyprus securities regulator CySEC in November 2025. This authorization allows Revolut to run regulated crypto services as an authorized provider across roughly 30 European countries, but it also means that the company must comply with MiCA rules.

Tether's CEO, Paolo Ardoino, has defended the decision not to seek MiCA approval for USDT, criticizing the reserve rules as potentially creating systemic risk. The removal of USDT from regulated venues in Europe is part of a broader trend, with other exchanges such as Coinbase and Binance having already delisted the token.