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Revolut to Delist Non-EU Compliant Stablecoin USDT

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On July 4, Revolut, the largest fintech company in Europe, informed users via app notifications and emails that it will be delisting USDT. Users can continue to purchase USDT until July 6, and new USDT deposits will be stopped on July 30. Users will still be able to sell USDT or withdraw it to external wallets until August 31. After this date, Revolut will convert any remaining USDT in user accounts to fiat currency at the prevailing exchange rate. According to BlockBeats, the main reason for Revolut's delisting of USDT is the full implementation of the EU's MiCA (Markets in Crypto-Assets Regulation), which entered a strict enforcement phase in July. MiCA imposes very high compliance requirements on stablecoin issuers, including transparency of reserve assets, regular audits, liquidity guarantees, and stringent regulatory authorizations for issuers. Tether, the issuer of USDT, has yet to apply for or fully meet MiCA compliance certification in the EU, leading to USDT being classified as a 'non-EU compliant stablecoin.' To avoid regulatory penalties, legal risks, and compliance issues, regulated platforms like Revolut must gradually delist USDT and provide a transition period for users. Revolut offers a one-stop financial service including multi-currency bank accounts, debit cards, cryptocurrency trading, stock investments, and insurance, with over 45 million users globally, making it one of the most popular digital banks in Europe.
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