Revolut, Europe's largest fintech platform, is delisting USDT stablecoin for all users in the region, with automatic conversion of remaining balances to fiat currency after August 31, 2026. The move follows Tether's failure to obtain authorization under the European Union's Markets in Crypto-Assets Regulation (MiCA), a licensing requirement that has become mandatory for stablecoin issuers operating in the bloc.
Users received notification of the delisting via push notification and email, with Revolut citing regulatory compliance as the reason for discontinuing USDT support. Unlike Tether, Circle's USDC stablecoin has already secured MiCA authorization, creating a competitive advantage in the European market. The delisting reflects intensifying regulatory pressure on stablecoin issuers, particularly those without formal licensing in jurisdictions where they operate.
The decision underscores divergent approaches among crypto platforms to MiCA compliance. While Revolut is withdrawing USDT support entirely, exchanges including Bybit have maintained operations without reporting similar compliance issues. The forced conversion requirement means millions of USDT holders on Revolut will be automatically liquidated into fiat, potentially creating selling pressure on the stablecoin during the transition period.