EU’s MiCA rules push USDT off regulated platforms, but global demand stays strong

Europe’s MiCA regulation removes USDT from major platforms

Europe’s Markets in Crypto-Assets (MiCA) regulation is forcing regulated platforms to delist Tether’s USDT stablecoin. Revolut, a major financial app, will remove USDT for European users after August 31. This follows the end of a transition period on July 1, which required platforms to comply with MiCA’s stablecoin rules.

A stablecoin is a type of cryptocurrency designed to keep a steady value, usually tied to a traditional currency like the US dollar. USDT is the largest stablecoin by market size.

Despite these changes in Europe, global demand for USDT shows little sign of slowing down.

Key trends in USDT usage

• USDT is being removed from regulated European platforms due to MiCA rules.
• Daily users on Binance Smart Chain rose from 318,000 in June 2024 to 1.56 million by July 2026.
• Daily users on Tron increased by 44% to around 908,000 in the same period.
• Lemon, an Argentine crypto platform, processed $9.3 billion in 2025, up 60% from the previous year.

Why USDT demand remains high outside Europe

In countries like Argentina, stablecoins are becoming a key part of financial infrastructure. Users rely on them for payments, cross-border transfers, and global financial services, not just as a way to store value. Ignacio Gimenez, Lemon’s business and planning manager, explained that stablecoins are shifting from being a savings tool to a way to move and spend money.

Alex Weseley from Artemis Analytics noted that MiCA has not caused a major shift in USDT supply or demand. Instead, users continue to choose USDT because of its deep liquidity and widespread use across markets.

Europe’s stablecoin alternatives face challenges

While MiCA is reshaping Europe’s stablecoin market, the US dollar remains the dominant benchmark in crypto. Some European platforms, like OKX, stopped offering USDT to European users two years ago. However, euro-denominated stablecoins are gaining interest from institutions, though they have not yet replaced dollar-based options.

Erald Ghoos, CEO of OKX Europe, said institutional players are exploring euro stablecoins to reduce currency conversion friction for retail users.

What is confirmed

• MiCA regulation has led to USDT being delisted from regulated European platforms like Revolut.
• The EU’s transition period for MiCA ended on July 1, increasing pressure on platforms to comply.
• Global USDT usage has not declined significantly despite Europe’s restrictions.
• Stablecoin activity in Argentina and other emerging markets is growing for payments and transfers.

What is still unclear

• Whether euro-denominated stablecoins will gain enough traction to replace dollar-based options in Europe.
• How long it will take for user behavior to shift away from USDT in regions where it remains widely used.

Why this matters for crypto users

Europe’s MiCA rules are changing how users access stablecoins, but the demand for USDT remains strong in other parts of the world. For users in emerging markets, stablecoins are becoming essential for everyday financial activities, not just trading or saving. This shift highlights how regulation in one region may not impact global crypto trends.

Sources

• Cointelegraph