KoinlyticsRevolut stopped accepting USDT deposits from its European customers on July 30. Tether's stablecoin will be fully removed from the platform on August 31, and any USDT balances still sitting on Revolut accounts after that date will be automatically converted into the account's base fiat currency. On August 1, users have exactly 30 days left to sell or withdraw.
The timeline as it actually ran
July 3: notification sent to European Economic Area and Swiss customers. July 6: buying USDT disabled. July 30: incoming USDT deposits blocked. August 31: full delisting.
Why this happened
MiCA entered full stablecoin enforcement on July 1. To keep offering a stablecoin to European customers, the issuer needs authorization under the regime and needs to meet reserve rules that include holding at least 60% of reserves as deposits in EU banks. Circle sought and obtained authorization for USDC and EURC. Tether did not.
Where USDT holders in Europe actually go
Swap to USDC or EURC on Revolut itself before August 31. Withdraw USDT on-chain to a self-custody wallet. Move to an offshore exchange. Do nothing and let the automatic conversion happen at whatever price prints that day.
The market read
MiCA has produced the outcome that critics warned about and that regulators intended: a bifurcated stablecoin market where USDC dominates regulated European rails and USDT retains its lead in the global unregulated float.
What to watch
USDT-to-USDC swap volume on European venues over the next 30 days. Whether Tether files any late authorization attempt under MiCA.
Source: Yahoo Finance