Revolut, the largest fintech platform in Europe, is set to terminate its support for Tether's USDT by the end of August. The delisting process is officially commencing this month, with specific deadlines for user actions regarding USDT transactions.
Beginning from July 6, users will be able to purchase USDT, but after July 30, they will no longer be able to deposit additional USDT into their accounts. For those holding USDT, the final opportunity to sell or withdraw their tokens to external wallets will be available until August 31. Post this date, any USDT remaining in user accounts will undergo automatic conversion to fiat currency.
Timeline for USDT Delisting
- Purchase USDT: Until July 6.
- Deposit USDT: Allowed until July 30.
- Withdraw or Sell USDT: Deadline is August 31.
This shift comes as Revolut moves to streamline its offerings in the rapidly evolving digital asset landscape. Users are encouraged to act within the specified timeframe to avoid losing access to their holdings.
As part of its broader strategy, Revolut has been adapting to regulatory changes and market conditions affecting cryptocurrency exchanges. This situation follows similar trends seen across the industry, where firms are reevaluating their support for various tokens and coins.
Impact on Users
Current users of Revolut who hold USDT should take immediate actions to either liquidate their assets or transfer them to another wallet before the deadline. The company has not yet specified the rationale behind this decision but is likely responding to the ongoing regulatory scrutiny that affects stablecoins like USDT.
