Revolut has stopped supporting USDT for affected customers as it aligns its European crypto offering with the EU’s Markets in Crypto-Assets Regulation. Revolut’s USDT support notice says the stablecoin was removed because it does not currently satisfy the regulatory requirements applicable to its crypto services in the relevant region. The decision is being framed as a compliance measure rather than a judgment on USDT’s market value, liquidity or dollar peg.
The restriction also affects incoming transfers. Revolut says new USDT deposits are no longer supported and will be rejected. After internal checks, affected customers are asked to provide another crypto address they control so the funds can be returned. For users covered by the restriction, USDT is therefore being removed not only from trading availability but also from Revolut’s supported deposit infrastructure.
MiCA Rules Drive Stablecoin Restrictions
The regulatory basis extends beyond Revolut’s own compliance policy. In January 2025, the European Securities and Markets Authority published guidance on non-MiCA-compliant stablecoins instructing national regulators to ensure that crypto-asset service providers stop offering services that amount to offering or admitting non-compliant asset-referenced tokens and e-money tokens to trading. ESMA expected platforms to complete those restrictions no later than the end of the first quarter of 2025.
MiCA imposes specific requirements on issuers of stablecoins offered publicly or admitted to trading in the European Union. Under Article 48 of the MiCA regulation, an issuer of an e-money token must generally be authorized as either a credit institution or electronic money institution. That framework places authorization, reserve management, disclosure and supervision at the center of whether regulated European platforms can continue distributing a stablecoin.
Revolut’s action should therefore not be interpreted as a blanket European prohibition on holding USDT. ESMA’s earlier guidance specifically noted that mere custody and transfer services could remain possible in some circumstances even as acquisition and trading services were restricted. The practical treatment of USDT can consequently differ by provider, jurisdiction and service type, making Revolut’s policy narrower than an outright EU-wide ban on ownership.
MiCA Reshapes Stablecoin Distribution
The broader consequence is increasingly visible across regulated European platforms. ESMA’s 2025 market-risk assessment noted that prominent EU crypto exchanges had already delisted USDT following its stablecoin guidance. MiCA is therefore influencing which dollar-linked tokens retain access to regulated European distribution channels, not merely setting theoretical requirements for issuers.
For Revolut customers affected by the change, the immediate implications are operational: incoming USDT should no longer be sent to the platform, and rejected deposits require a return address. The larger market signal is that stablecoin access inside European fintech and exchange products is becoming increasingly dependent on MiCA compliance at the issuer and service-provider levels.