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Revolut to Delist USDT as MiCA Reshapes EU Stablecoin Market

Revolut to Delist USDT by August 31 – MiCA Framework Reshapes Stablecoin Availability in Europe

Key Takeaways

• Revolut will delist Tether’s USDT on August 31, 2026, and disable USDT deposits by the end of July.
• Users who do not transfer their USDT by the deadline will have their holdings automatically converted into fiat currency.
• The move comes as the EU’s MiCA regulatory framework is now in effect, influencing stablecoin compliance requirements.
• Circle’s USDC recorded $1.21 trillion in transfer volume in June, double that of USDT, according to Visa data.
• USDT remains the largest stablecoin by supply, despite shifting transfer volumes.

Revolut to Disable USDT Deposits and Enforce Automatic Conversion

Revolut, described as Europe’s largest fintech platform, has informed customers that it will remove support for Tether’s USDT by August 31, 2026. The company will first disable USDT deposits by the end of July. After the final deadline in August, any remaining USDT balances on the platform will be automatically exchanged into fiat currency.

According to analyst Max Karpis, the delisting is linked to regulatory and risk considerations. He noted that the decision reverses a recent expansion in which Revolut had introduced zero fee transfers and 1:1 swaps between USDT and USDC. The latest announcement signals a shift in compliance strategy as the European Union’s Markets in Crypto Assets framework, known as MiCA, is now in effect.

For users, this change affects how you can store and transfer stablecoins on Revolut. If you rely on USDT for payments, trading, or transfers to other platforms, you must either withdraw the token before the end of August or accept automatic conversion into fiat.

MiCA Framework Influences Stablecoin Compliance in the EU

MiCA is the European Union’s crypto regulatory framework and is now fully in force. The regulation establishes requirements for crypto asset issuers and service providers operating in the EU, including specific conditions for stablecoins.

The report indicates that Revolut’s decision is likely intended to block non compliant stablecoins and tokens under the new framework. While the article does not specify which elements of MiCA directly affect USDT, it notes that regulatory pressure is a central factor behind the delisting.

Tether CEO Paolo Ardoino has publicly stated that the company does not intend to seek MiCA approval. He described the regulation as “dangerous” for stablecoins and criticized the requirement that 60 percent of reserves be held in uninsured cash deposits in European banks. According to Ardoino, this structure could create risks if significant redemptions occur, particularly if more than 20 percent of USDT were redeemed within a short period.

Ardoino also stated that major banks such as UBS are unwilling to provide stablecoin related services, and that smaller banks are more likely to accept crypto firms. He argued that the regulatory framework could expose parts of the banking system to stress and suggested that MiCA may be designed to position the Digital Euro to exert greater control over fund flows. These statements reflect Tether’s position but do not change the regulatory requirements now in force across the EU.

Circle’s USDC Records Higher Transfer Volumes

While USDT faces delistings on some EU platforms, Circle’s USDC appears to be gaining traction under the MiCA regime. Circle has received MiCA approval, according to the report, and benefited as the transition period ended.

Visa data shows that USDC reached $1.21 trillion in transfer volume in June. This figure was double the transfer volume recorded for USDT during the same period. It marked the second highest monthly volume for USDC, following a record of $1.28 trillion in February.

Less than a week into July, USDC transfer volume was reported to be three times that of USDT. The data suggests a shift in usage patterns, particularly among users in the European Union or those sending funds to the region.

Additional data from TRM Labs indicates that euro denominated stablecoins grew eleven fold, while volumes of US dollar based stablecoins declined. This development aligns with the regulatory changes under MiCA, which directly affect stablecoin issuers and service providers operating in Europe.

USDT Remains Largest Stablecoin by Supply

Despite declining transfer volumes relative to USDC, USDT continues to dominate the stablecoin market in terms of total supply. The report does not provide exact supply figures but notes that Tether remains the leading issuer by this metric.

The evolving landscape therefore shows a divergence between supply dominance and transfer activity. For users evaluating stablecoin options, this means liquidity, platform support, and regulatory status may differ across jurisdictions and service providers.

For platforms such as sportsbooks, crypto casinos, and other iGaming services that integrate stablecoins, regulatory compliance within the EU may influence which tokens remain available for deposits and withdrawals. As seen with Revolut, service providers operating in regulated markets may adjust their listings in response to MiCA requirements.

Our Assessment

Revolut’s decision to delist USDT by August 31 and disable deposits by the end of July reflects the direct impact of the EU’s MiCA framework on stablecoin availability. Users who hold USDT on the platform must transfer their funds or accept automatic fiat conversion. At the same time, Circle’s USDC has recorded higher transfer volumes and holds MiCA approval, while USDT continues to lead in overall supply. The data illustrates how regulatory compliance is reshaping stablecoin usage patterns across the European market.