Revolut is set to delist the "Non-EU Compliant Stablecoin" USDT

BlockBeats News, July 4th: Europe's largest financial technology company, Revolut, informed its users via an in-app notification and email that it will delist USDT. Users can still purchase USDT normally until July 6th. Starting July 30th, Revolut will no longer accept new USDT deposits. Users can continue to sell or withdraw USDT to an external wallet until August 31st. Afterward, Revolut will convert any remaining USDT in users' accounts to fiat at the prevailing exchange rate.

BlockBeats Note: The main reason for Revolut's delisting of USDT is the full implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), which entered a strict enforcement phase in July. MiCA imposes very high compliance requirements on stablecoin issuers, including transparency of reserve assets, regular audits, liquidity assurances, and strict regulatory oversight of issuers. Tether, the issuer of USDT, has not applied in the EU or fully complied with MiCA's regulatory standards, leading to USDT being considered a "non-EU-compliant stablecoin." To avoid regulatory penalties, legal risks, and compliance issues, European regulated platforms such as Revolut must gradually delist USDT and provide users with a transition period.

Revolut offers a one-stop financial service including multi-currency bank accounts, debit cards, cryptocurrency trading, stock investments, insurance, and more. With over 45 million global users, Revolut is one of the most popular digital banks in Europe.