Europe's major fintech platform Revolut is set to cease support for Tether (USDT) stablecoin on August 31, according to recent reports.
Wu Blockchain shared this development in an X post accompanied by screenshots verifying the claim.
According to Wu Blockchain, Revolut has notified users via app push notifications and emails that it will delist Tether (USDT); however, users will still be able to purchase the stablecoin until July 6.
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Europe's Largest Fintech Revolut to Stop Supporting USDT on August 31
European fintech giant Revolut has notified users via app push notifications and emails that it will delist USDT. Users will still be able to purchase USDT until July 6. Revolut will stop accepting new USDT… pic.twitter.com/ImjlZ18tsF
Revolut will stop accepting new Tether (USDT) deposits on July 30, while users can continue to sell USDT or withdraw it to external wallets until August 31. After this date, any remaining USDT balances in user accounts will be converted into fiat currency at the prevailing exchange rate.
This development follows on the heels of the Markets in Crypto-Assets (MiCA) regulation, which came into full effect on June 30.
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In light of this, crypto exchanges and platforms are expected to suspend certain token services deemed unauthorized under MiCA.
Tether's USDT is restricted in the European Economic Area under the Markets in Crypto-Assets (MiCA) regulatory framework. As it did not apply for the necessary e-money authorizations, major exchanges delisted USDT for European users.
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The European Union's crypto market entered a new era on Wednesday as the MiCA regulation came into full effect, implying that crypto firms serving customers across the region are required to hold a license or stop operating.
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Exchanges are required to follow the MiCA rules, which require stablecoin issuers and staking service providers to have the necessary authorization to be accessed by European users; these rules impact all 30 countries in the European Economic Area.
The EU's financial rule-setter, the European Securities and Markets Authority (ESMA), has already issued an ultimatum to unauthorized crypto-asset service providers to wind down their operations in an orderly manner while securing clients' interests as the MiCA transitional period ends.
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