Revolut to Delist USDT in Europe as Tether Skipped MiCA License

Revolut will delist Tether (USDT) for European Union users on August 31. The USDT delisting stems from Tether’s decision not to seek authorization under the EU’s Markets in Crypto-Assets (MiCA) regulation.

Customers can buy USDT until July 6. A staged wind-down then runs through late August, when leftover balances convert to fiat.

Revolut USDT Delisting Runs on a Staged Timeline

Revolut confirmed the change in a July 3 post on X, pointing users to a DefiLlama dashboard of licensed options. The fintech built a $75 billion valuation serving more than 75 million customers.

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New USDT deposits stop on July 30. Customers can sell or withdraw the token to external wallets until August 31. After that date, remaining balances convert automatically to fiat at prevailing exchange rates.

MiCA moved into full enforcement on July 1, and regulators have expanded the register of licensed providers to 280 firms. Tether stayed out, echoing its absence from earlier approval rounds under the framework.

The rules require significant stablecoin issuers to hold at least 60% of reserves as bank deposits. CEO Paolo Ardoino has argued that structure creates liquidity risks. Tether already retired its euro stablecoin, EURT, in November 2024 rather than adapting it.

Audit Questions Cloud Tether’s Regulatory Standing

For Tether, missing the EU’s licensed lists is unsurprising given its long-running audit controversy. Consumers’ Research recently criticized Tether’s audit record, faulting the issuer for failing to provide an independent review of its reserves.

The group raised the concern in a letter to US governors.

“Tether’s continual failure to undergo an independent audit raises a distressing red flag for the company and its USDT product. Tether has promised that it would conduct a full audit since at least 2017 but has still failed to do so. … Years later, there is still no audit.”

Tether has long relied on quarterly attestations instead of full audits. In an April 2025 interview, Ardoino said the firm was still seeking a top-tier audit partner. He argued that major accounting firms remain cautious about stablecoin clients after crypto’s exchange failures and hacks.

The audit gap could remain a key barrier to any future MiCA authorization.

USDC Extends Its Lead in Europe

The move strengthens Circle’s USDC, which holds MiCA authorization and keeps its listings on licensed venues. Circle has emerged as MiCA’s quiet winner while USDT exits regulated European platforms.

Despite the retreat, USDT remains the largest stablecoin worldwide and the third-largest crypto asset. It trades near $1.00 with a $184 billion market cap and $41 billion in daily volume as of July 4.

USDC’s market cap stands near $73 billion, less than half of USDT’s. The gap suggests that Tether is trading regulated European access for scale elsewhere.

Early Revolut investor Max Karpis said the delisting reverses the fintech’s recent expansion of its stablecoin features.

“Revolut is delisting USDT on 31 Aug 2026 (regulatory/risk reasons). Not long ago, they expanded support to include zero-fee transfers and 1:1 USDT/USDC swaps. Now a reversal. Compliance hits again.”

The coming weeks will show whether Revolut users rotate into USDC or move USDT to self-custody before the cutoff.

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