Revolut phases out Tether as MiCA regulations reshape European crypto

Revolut has outlined a strict two-month transition period for affected customers. While users may continue purchasing USDT until July 6, the platform will cease accepting new deposits on July 30. By August 31, the token will be fully removed from eligible accounts, with any remaining balances automatically converted into the user’s base currency at the prevailing market rate.

This move follows the July 1 enforcement of MiCA, which mandates rigorous licensing, reserve, and disclosure requirements for stablecoin issuers operating in Europe. Tether remains unauthorized under these rules, with CEO Paolo Ardoino previously questioning the framework’s compatibility with the company’s liquidity and reserve management practices. Revolut is not alone in this pivot, as various platforms move to restrict access to non-compliant tokens to align with the new regulatory reality.

Beyond the European theater, Tether faces separate pressure from U.S. authorities. The company recently froze 131 TRON-based wallets linked to ISIS-K following a July 1 update from the U.S. Treasury’s Office of Foreign Assets Control. While these sanctions are distinct from the MiCA mandate, they underscore the intensifying global scrutiny on stablecoin operations and the issuer's capacity to respond to law enforcement demands.