MiCA cracks down on USDT in Europe... but no one else cares

USDT is disappearing from regulated European platforms, but there is little sign that it has resulted in weakening global demand for Tether.

Europe’s crackdown on Tether’s USDT is entering a new phase.

When Revolut told European users it would delist USDT after Aug. 31, it became another in a long line of European platforms restricting access to the world’s largest stablecoin as firms adapt to the requirements of the EU’s Markets in Crypto-Assets (MiCA) regulation.

MiCA’s stablecoin rules have been phasing in since 2024, and the EU-wide transition period ended on July 1, putting further pressure on platforms to drop tokens that don’t meet the rules.

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