Revolut Delists USDT in EEA and Switzerland

Revolut announced on June 24, 2024, that it is delisting the Tether (USDT) stablecoin from its platform specifically within the European Economic Area (EEA) and Switzerland. This decision impacts users in these regions, who will no longer be able to hold or trade USDT through the Revolut app. The company stated that the delisting is a proactive measure to ensure compliance with evolving regulatory landscapes in these specific markets.

Despite the delisting in the EEA and Switzerland, Revolut clarified that support for USDT remains unchanged for its users in other global markets. This means that customers outside of these specified European regions can continue to use USDT as they have previously. The company has not provided a specific date for when the delisting will take effect but indicated it is a winding down of the stablecoin offering in these selected European markets.

The move by Revolut highlights the increasing scrutiny and regulatory challenges faced by stablecoins, particularly Tether, in major financial jurisdictions. While Revolut did not detail the exact regulatory concerns, the decision suggests a cautious approach to navigating the complex and often uncertain regulatory environment surrounding digital assets in Europe. Users in the affected regions are advised to manage their USDT holdings accordingly before the delisting takes full effect.