Revolut Ditches USDT in Europe Over MiCA License Snub, USDC Gains Ground
Revolut is booting Tether (USDT) from its European platform on August 31st. The fintech giant is ditching the stablecoin because Tether refused to seek authorization under the EU's MiCA regulation. This move hands a significant win to Circle's $USDC, which is MiCA-compliant.
Revolut is pulling the plug on Tether (USDT) for its European users come August 31st. The reason? Tether skipped the EU's Markets in Crypto-Assets (MiCA) licensing process entirely. This means no more USDT deposits after July 30th, with existing holdings converting to fiat by month's end. The move is a clear win for $USDC, which has secured its MiCA authorization and remains listed on compliant platforms. Tether's decision to avoid MiCA, likely due to reserve requirements and ongoing audit controversies, is now costing it access to a major fintech's user base. Expect European traders to shift their stablecoin exposure to compliant alternatives.