Fintech giant Revolut has officially confirmed that it is discontinuing support for the stablecoin USDT, but only for clients registered in the European Economic Area (EEA) and Switzerland. Outside these jurisdictions, service terms remain unchanged. This decision is not just a technical update, but a direct consequence of the new MiCA (Markets in Crypto-Assets) regulation coming into effect, which introduces strict requirements for stablecoin issuers.
Why specifically USDT?
USDT by Tether is the largest stablecoin by market capitalization, but its transparency and compliance with regulatory standards have long raised questions among regulators. MiCA requires stablecoin issuers used as a medium of exchange to obtain a license and comply with strict asset reserve rules. Tether has not yet obtained the necessary permissions to operate in the EU, forcing platforms like Revolut to take preventive measures.
Geography matters
It is important to emphasize: the restrictions only apply to the EEA and Swiss markets. For clients from the UK, USA, Asia, and other regions, USDT remains available. Revolut, as a global player, is forced to adapt to local regulatory landscapes without sacrificing its liquidity and client base outside Europe.
This move is a clear signal to the market: MiCA is beginning to have a real impact on the operational decisions of major platforms. Other exchanges and fintech services are likely to follow Revolut's example if Tether does not accelerate the licensing process.
My analysis: Revolut is acting pragmatically, minimizing legal risks in jurisdictions with strict regulation. However, for investors, this is a reminder: stablecoins that do not comply with MiCA are gradually losing access to the European market. In the long term, this could strengthen the position of regulated alternatives such as USDC or EURC. USDT remains the global dominant for now, but its European niche is shrinking.