Revolut cuts USDT for Europe as global stablecoin demand tops $308B

Revolut will stop offering USDT to European users after Aug. 31, the latest platform to comply with the EU's Markets in Crypto-Assets framework, even as on-chain data shows global demand for the roughly $308 billion stablecoin market remains intact.

"The data does not indicate any noticeable change in USDT supply or demand attributable directly to MiCA coming into effect in Europe," Alex Weseley, head of research and data at Artemis Analytics, said. "MiCA didn't trigger a major venue or chain migration."

USDT controls about 59 percent of total stablecoin supply and roughly 74 percent of stablecoin trading volume, according to Artemis data. In Argentina, Lemon processed $9.3 billion in 2025, up 60 percent from a year earlier, with active users rising 70 percent to 1.8 million.

The split sets up a two-track market: regulated European platforms shift toward compliant alternatives such as USDC and euro-backed tokens, while emerging-market users keep driving dollar-stablecoin adoption for payments and cross-border transfers — a dynamic that could keep USDT dominant globally even as its European footprint narrows.

MiCA reshapes Europe's on-ramp, not global demand

The EU's transition period for MiCA's stablecoin rules ended July 1, forcing platforms to drop tokens that lack the required authorization. Tether's USDT has not secured that approval, which is why Revolut and others are removing it. OKX Europe stopped offering USDT to European users about two years ago, according to Erald Ghoos, its managing director, so the latest deadline had little effect on its operations.

Emerging markets turn stablecoins into payments rails

Lemon's growth illustrates how usage has shifted beyond trading. Ignacio Gimenez, chief commercial officer and planning director at the Argentine platform, described the change: "The role of USDT and other dollar-pegged stablecoins is evolving. What we're seeing is a shift from stablecoins as a store of value to stablecoins as financial infrastructure." Users pay via Brazil's PIX, receive dollars or euros from abroad, and hold digital balances.

On-chain activity supports that read. Daily active users on Tron rose 44 percent to about 908,000, while BNB Chain grew from roughly 318,000 in mid-2024 to more than 1.56 million by July 2026, per Artemis. Asia accounted for about $12.5 trillion in annualized stablecoin flows during 2025, far exceeding activity originating from Europe.

Dollar stablecoins keep the liquidity edge

Nearly 99.5 percent of all stablecoins in circulation are dollar-denominated, reflecting the dollar's role as the preferred settlement currency on-chain and in traditional finance. Maksym Sakharov, chief executive of WeFi, said regulation mainly acts on access to dollar stablecoins, while underlying demand tied to trading, payments, and cross-border transfers remains. About 41 percent of companies using stablecoins report cutting payment costs by at least 10 percent, and stablecoin networks processed roughly $7.2 trillion in transfers during February 2026, exceeding the monthly value settled through the U.S. ACH network.

Euro-denominated stablecoins are drawing more institutional interest, but they have yet to match the liquidity and integration of dollar versions. For European users, the shift toward compliant alternatives such as USDC and EURC will continue, while global adoption follows network effects that reinforce Tether's leadership.

This article is for informational purposes only and does not constitute investment advice.