Revolut to delist Tether’s USDT as USDC volumes rise

Revolut will remove Tether’s USDT from its platform on Aug. 31 and will stop accepting USDT deposits at the end of July. Users who do not transfer their USDT out of the app by the end of August will have remaining balances automatically converted to fiat after the delisting.

The company notified customers that the changes follow enhanced compliance checks tied to the EU’s Markets in Crypto‑Assets regulation (MiCA), which has come into force. Deposits will be disabled before the delisting date to give users time to move funds or swap to other stablecoins.

Analyst Max Karpis attributed the action to regulatory and risk considerations under the new regime. Revolut had previously expanded USDT support to include zero‑fee transfers and one‑to‑one swaps with USDC.

Tether’s chief technology officer, Paolo Ardoino, criticized MiCA and called it “very dangerous for stablecoins,” arguing that a rule requiring 60% of reserves to be held in uninsured cash deposits at European banks could create risks for banks and for stablecoin redemptions. Ardoino said he does not plan to seek MiCA approval and described a preference to keep USDT focused on emerging markets.

Circle, the issuer of USDC, has received MiCA approval. Visa data show USDC transfer volume reached $1.21 trillion in June, about double the transfer volume of USDT that month. Early July data indicated USDC volume was roughly three times USDT in some payment corridors.

A separate analysis found euro‑based stablecoin activity increased sharply while dollar‑based stablecoin volumes declined; euro‑pegged stablecoin activity rose roughly elevenfold in the period cited.

Tether’s USDT remains the largest stablecoin by supply. Revolut’s delisting affects availability of USDT on its platform in Europe; other firms have also adjusted stablecoin offerings as MiCA took effect.

Revolut advised users who hold USDT to move tokens off the platform before the deposit freeze at the end of July if they want to retain on‑chain balances. The company cited compliance and risk management as reasons for the change.