Revolut to Remove USDT from Europe Following Tether's Choice to Avoid MiCA License

Revolut has announced that it will remove Tether (USDT) from its platform for customers in the European Union, effective August 31. This decision comes after Tether opted not to pursue authorization under the EU's Markets in Crypto-Assets (MiCA) regulation.

Customers still have until July 6 to purchase USDT, after which a phased withdrawal will begin. By late August, any remaining USDT balances on accounts will be converted to fiat currency.

Timeline for USDT Delisting

On July 3, Revolut confirmed the delisting plan via a post on X. They directed users to the DefiLlama dashboard, which lists licensed crypto options available in the market. Currently, Revolut boasts a valuation of $75 billion and serves over 75 million customers.

The MiCA regulation is reshaping how cryptocurrency is accessed in Europe. For those impacted, it would be prudent to explore alternative options. Revolut offers a platform where users can buy, sell, transfer, and stake various cryptocurrencies using the same app they typically rely on for everyday financial transactions.

Important Dates for USDT Users

• New USDT deposits will be halted starting July 30.
• Users can sell or withdraw the token to external wallets up until August 31.
• After this date, any remaining balances will automatically convert to fiat at the current exchange rates.

The MiCA regulation transitioned into full enforcement beginning July 1, resulting in an expanded list of licensed providers which now includes 280 firms. Tether's absence from this list aligns with its avoidance of prior approval rounds under the regulatory framework.

Concerns Surrounding Tether's Regulatory Compliance

For Tether, the lack of inclusion in the EU’s licensed providers is not surprising, especially given the company’s longstanding issues with audits. Recently, Consumers' Research criticized Tether’s inadequate audit practices, expressing concerns about the issuer's failure to provide an independent review of its reserves.

This concern was highlighted in a letter sent to US governors, raising alarms about the consistent lack of independent audits for Tether. Many believe that this ongoing failure is detrimental to the company's credibility and the stability of its USDT product.

Instead of full audits, Tether has relied on quarterly attestations. As of April 2025, Tether's CEO Paolo Ardoino stated that they were still in search of a reputable audit firm, noting the caution major accounting firms have towards stablecoin clients following various crypto exchange failures.

The Impact on the Crypto Landscape

This situation may hinder Tether’s ability to gain future MiCA authorization, while Circle's USDC, which has received MiCA approval, stands to benefit significantly from Tether's retreat from regulated European platforms. Despite this setback for USDT, it remains the largest stablecoin globally and the third-largest cryptocurrency overall.