European Fintech Giant, Tether (USDT) Exits...Will the European Delisting Domino Grow?

▲ USDT

As European fintech giant Revolut announced the termination of USDT support, one of the world's largest stablecoins has once again been blocked by European regulatory barriers. With a phased delisting schedule confirmed, ranging from the suspension of purchases in July to the forced conversion of balances in August, the landscape of the European stablecoin market is rapidly changing.

According to cryptocurrency media outlet U.Today on July 4 (local time), Revolut plans to cease USDT support on August 31. Wu Blockchain reported that Revolut notified users of its USDT delisting plan through app push notifications and emails. Users can purchase USDT until July 6.

USDT services will be phased out. Revolut will no longer accept new USDT deposits starting July 30. Existing users can sell USDT or withdraw it to an external wallet until August 31. After August 31, any remaining USDT balance in accounts will be converted to fiat currency based on the exchange rate at that time.

This measure comes shortly after the full implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation on June 30. U.Today reported that under the MiCA framework, USDT is restricted within the European Economic Area, and major cryptocurrency exchanges have delisted USDT for European users because it has not applied for the necessary e-money license.

With the full implementation of MiCA, cryptocurrency companies providing services to the European market must either hold relevant licenses or cease operations. Stablecoin issuers and staking service providers also need to obtain the necessary approvals for European users to access their services, with the scope of application covering 30 countries in the European Economic Area.

The European Securities and Markets Authority (ESMA) has urged unauthorized crypto-asset service providers to orderly wind down their operations while protecting client interests, ahead of the end of the MiCA transition period. Revolut's termination of USDT support will proceed in the following order: suspension of purchases on July 6, suspension of new deposits on July 30, and termination of service on August 31.

[Key Article Summary]

-Revolut will terminate USDT support on August 31 and convert any remaining balances to fiat currency based on the exchange rate at that time.

-USDT purchases are possible until July 6, and new deposits will be suspended from July 30.

-Following the full implementation of MiCA, restrictions on USDT services within the European Economic Area are spreading to major platforms.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*