European fintech giant Revolut has officially announced the delisting of USDT, the largest stablecoin on the market. In my view, this decision is part of a broader trend of tightening cryptocurrency regulation in the European Union, particularly under the upcoming MiCA framework.
According to internal client notifications, Revolut has set clear deadlines for the phased discontinuation of USDT support. Purchasing the asset will only be available until July 6. Starting July 30, the service will completely stop accepting new USDT deposits. However, users will retain the ability to sell USDT or withdraw it to external wallets until August 31.
What will happen to balances after the deadline?
After August 31, all remaining USDT balances in Revolut accounts will be forcibly converted into fiat money at the current exchange rate. This automatic conversion is standard practice for platforms seeking to minimize risks associated with unsupported assets.
This move by Revolut did not come as a surprise to the professional community. The fintech giant has been consistently tightening its policy on stablecoins, especially those whose transparency and compliance with regulatory requirements raise questions. USDT from Tether, despite its dominance in market capitalization, has long been under the scrutiny of European regulators due to concerns over reserves and adherence to MiCA standards.
My analysis: Revolut is acting preemptively, preparing for the full implementation of the MiCA regulation, which will require stablecoin issuers to obtain licenses and provide full disclosure. For USDT holders on the platform, this is a clear signal: diversify your crypto assets or prepare for forced conversion. I recommend withdrawing USDT to non-custodial wallets in advance or converting it into more regulation-friendly stablecoins, such as USDC or EURC, which already comply with MiCA requirements.