Fintech giant Revolut has officially confirmed that it will cease support for the stablecoin USDT only for clients registered in the European Economic Area (EEA) and Switzerland. For users outside these jurisdictions, there will be no changes to the terms of service. The company explicitly stated that the decision is driven by the need to comply with the new MiCA (Markets in Crypto-Assets) regulation, which has come into effect in the European Union.
Why only the EEA and Switzerland?
This move is not just a technical restriction but a strategic maneuver. Revolut, as a licensed financial institution in the EU, is required to comply with MiCA, which demands full transparency of reserves and registration from stablecoin issuers. USDT from Tether Limited does not yet meet these requirements, forcing the platform to limit its use. However, Switzerland, which is not part of the EEA, has also been included in the restrictions due to its close integration with the European financial market. Outside these regions, including the UK, US, and Asia, USDT remains available without changes.
Impact on the market
For USDT holders in Europe, this means the need to convert to alternatives — for example, USDC or euro-pegged stablecoins. Revolut will likely offer such options, but short-term pressure on USDT liquidity in the region is inevitable. However, globally, this is not critical: Europe is just one market, while the main liquidity of USDT is concentrated in Asia and on decentralized exchanges.
My expert assessment: Revolut is acting pragmatically, minimizing legal risks without completely abandoning USDT. This is a signal for Tether: if the company wants to retain the European market, it will have to adapt to MiCA. For now, USDT remains the dominant stablecoin outside the EU, and this delisting is more of a local adjustment than a global trend.