Revolut, Europe's largest fintech company, will discontinue support for USDT (Tether) on August 31, affecting its digital banking users across the continent. The London-based platform, which serves millions of customers, did not disclose specific reasons for the withdrawal in its initial announcement.
The move marks a notable shift in Revolut's cryptocurrency offerings and raises questions about regulatory pressures or business strategy changes in the European market. Revolut has positioned itself as a crypto-friendly alternative to traditional banks, but the decision to drop one of the world's most widely used stablecoins suggests potential compliance concerns or shifting priorities. Users holding USDT on the platform will need to migrate their assets or convert them to alternative stablecoins before the deadline.
This development comes amid intensifying regulatory scrutiny of stablecoins across the European Union, where regulators have sought greater oversight of digital asset issuers and their reserve backing. The timing and scope of Revolut's decision could signal broader compliance adjustments within Europe's fintech sector as regulatory frameworks continue to evolve.