Revolut is dropping USDT — and will sell yours if you do nothing

Revolut told its European customers it is dropping USDT — the dollar stablecoin issued by Tether, the largest in the world — and the notice, first reported by Cointelegraph in early July, cited "regulatory and risk considerations". The company's fuller statement came a few days later: "Revolut is discontinuing support for USDT for customers in the EEA following a periodic review of our cryptocurrency offering in light of the evolving EU regulatory framework under MiCA." Switzerland is included too, although the EU's MiCA crypto rulebook doesn't apply there — Revolut hasn't said why. Customers outside Europe keep USDT as before.

The timeline

From 30 July Revolut will bounce any USDT sent to it — worth knowing before a payment or an exchange withdrawal heads that way. And on 31 August, any USDT still on the account is sold for your base currency at whatever Revolut's rate shows at that moment. There is no opt-out and no choosing the timing.

Three ways out — and what each one costs

Sell it in the app before the deadline. Same mechanics as the forced conversion, except you pick the moment. Revolut's published crypto fee document waives the percentage and minimum fee on exchanges between fiat and stablecoins — the cost sits in Revolut's exchange rate itself, which the same document says is set by Revolut, based on the rates crypto exchanges offer it, and is variable.

Withdraw it to your own wallet. Keeps the USDT, moves the counterparty question elsewhere. Revolut charges a service fee plus the network fee on crypto withdrawals, per the same fee document.

Do nothing. Revolut sells for you on 31 August. A dollar-pegged stablecoin doesn't swing like bitcoin, so the rate risk is modest — but you inherit Revolut's rate on Revolut's day, and in several countries a conversion to fiat is a taxable disposal even when the gain is small. The rules differ market by market; check yours before choosing the lazy exit.

One honesty note on the numbers: the fee document Revolut publishes for download is issued by its UK entity — the EEA schedule lives inside the app, behind the login. The structure matches what Revolut states publicly, but before you pick an exit, open your own rate screen and check what you're actually quoted. That's also the only place your personal conversion rate will ever be visible.

Why this is happening

Tether never sought authorisation under MiCA, the EU's crypto regulation that fully bit this summer — so MiCA-licensed platforms have been shedding USDT one by one. Coinbase pulled it for European users back in 2024; Revolut had already removed it from its Revolut X trading platform before this notice, and now the main app follows. The wrinkle worth naming: Revolut itself holds a MiCA licence — granted via Cyprus's CySEC, and the French regulator AMF lists its crypto-to-fiat exchange service on its white list.

My read: the delisting itself is routine post-MiCA hygiene — which exit fits is your call.

If you want to know which exchanges do hold a MiCA licence — and which walked away from the EU instead — we keep a running list of MiCA-licensed platforms.

Crypto assets are volatile and holding them on any platform carries counterparty risk; stablecoins additionally depend on their issuer holding the peg. This article reports Revolut's notice, statements and published fee documents; it is not investment or tax advice, and what to do with a USDT balance — including whether to hold it anywhere — is your decision, not ours.