Revolut is removing $USDT from its trading list for customers in the European Economic Area and Switzerland. Purchases have been unavailable since July 6, 2026, and deposits have been blocked since July 30, 2026. The deadline expires for good on August 31, 2026: anyone who has not sold or transferred by then will have their remaining $USDT balance converted automatically into their account currency at the prevailing market rate.
This goes beyond the question of where you keep your stablecoins. Under German tax law the forced conversion is itself a disposal, one the platform triggers without any action on your part. Letting the deadline pass costs you a trading option and also produces a taxable event at a time and a price you did not choose.
Revolut delists $USDT: purchase stop, deposit block and the hard deadline of August 31
The shutdown comes in three stages. Since July 6, 2026, $USDT can no longer be bought through Revolut. Since July 30, 2026, the app has also stopped accepting deposits; $USDT sent to Revolut from an external wallet has been rejected ever since. The third and final stage follows on August 31, 2026, when $USDT can no longer be held in the account at all. Several trade publications report this consistently, citing Revolut’s own notice, among them The Paypers.
The same geographic scope applies to all three dates: customers in the European Economic Area and in Switzerland are affected. Outside that region, Revolut continues to offer $USDT unchanged, according to the reports.
Until August 31 you have two active options: sell your $USDT, or move it to a wallet or an exchange that still lists the stablecoin. If you do nothing, a third option applies automatically, and it is barely an option at all, because you control neither the timing nor the price. Counting from today, a good three weeks remain, which is enough for a sale or a transfer but no longer enough for lengthy hesitation.
Why Revolut is dropping $USDT: Tether’s missing MiCA licence
The trigger is the EU’s Markets in Crypto-Assets regulation, MiCA for short, whose transition period for stablecoin issuers ended on July 1, 2026. Since then, MiCA-regulated platforms may only offer stablecoins whose issuer is authorised as an e-money institution and holds minimum reserves with banks in the EU. Tether has so far not applied for that authorisation for $USDT.
Tether chief executive Paolo Ardoino has publicly criticised the reserve requirements and, according to reports, argued that the rule does more to raise liquidity risk than to reduce it. The criticism does not change the legal position: without authorisation, $USDT remains a delisting candidate for MiCA-compliant platforms in the EU, whatever the company thinks of the regulation.
What happens to your $USDT balance if you do nothing before August 31
If $USDT is still sitting in your Revolut account after August 31, 2026, the app converts the balance automatically into your account currency, at the market rate applicable at that moment. At that point you make no decision at all, neither about the timing nor about the rate nor about whether the conversion works out well or badly for you in tax terms.
That sets the case apart from an ordinary reallocation. Normally you decide yourself when to close a position, and you can align the timing with your personal holding period or your tax situation. A forced conversion removes that room for manoeuvre. If you know your balance and act in time, you at least keep control over when the transaction happens.
$USDT tax: the forced conversion counts as a disposal under section 23 EStG
According to our coverage of stablecoins and taxes from July 3, 2026, the German Federal Ministry of Finance makes the position clear: exchanging crypto assets for government-issued currencies, goods, services or other crypto assets can constitute a disposal. That classification applies whether you trigger the transaction yourself or a platform carries it out automatically on your behalf.
The decisive provision is section 23 (1) sentence 1 number 2 of the German Income Tax Act. It covers disposals of other assets, a category that includes crypto assets in the view of the tax authorities, where no more than one year lies between acquisition and disposal. The statute also expressly addresses the case of several similar foreign-currency amounts: where there have been several purchases, the amounts acquired first are deemed to be disposed of first.
The transaction also falls into a new reporting environment. The EU’s DAC8 directive has applied since January 1, 2026, requiring MiCA-regulated crypto platforms such as Revolut to report their customers’ transaction data automatically to the tax authorities. The first reporting period covers 2026 and is expected to reach tax offices from 2027. The forced conversion therefore does not vanish quietly inside an app; sooner or later it reaches the tax office as well.
Crypto tax: the one-year holding period starts afresh with your $USDT
For calculating the period, the relevant date is the moment you acquired your $USDT, and the date of your first investment in crypto assets makes no difference. If you swapped Bitcoin tax-free into $USDT after two years, for example, a new one-year period begins for that $USDT. If the forced conversion falls within that period, any resulting gain is generally subject to income tax.
One relief remains in place: gains from private disposal transactions stay tax-free if the total gain from all such transactions in the calendar year comes to less than €1,000. This exemption threshold applies to all of the year’s private disposals taken together, and the Revolut conversion is simply one of them. If you have already realised other crypto gains this year, count the forced conversion towards them, because even a small additional gain can push you past the threshold.
Three ways to act on your $USDT before August 31
Doing nothing is the one option you do not have to choose actively, and it still has consequences. Three alternatives are open to you, with different practical and tax implications.
- Sell your $USDT and move into euros or another currency. That way you determine the timing and the price yourself. In tax terms the event stays the same: a disposal whose outcome depends on your holding period and your acquisition price.
- Transfer your $USDT to an external wallet or to an exchange outside Revolut. A pure transfer to an address of your own is not in itself a taxable event. Which trading venues still list $USDT now that the MiCA transition period has ended is shown in our comparison of regulated crypto exchanges.
- Switch into a stablecoin listed on Revolut, such as $USDC. This route avoids the forced conversion on August 31, yet it is itself a swap and falls under the same disposal rules as a sale into euros.
Kraken, Coinbase and the rest: Revolut is the laggard in the $USDT exit
Revolut is not the first platform to drop $USDT for its EU customers. Coinbase delisted the stablecoin back in December 2024 and Kraken followed in March 2025; Crypto.com and OKX also restricted their $USDT offering for EU users before Revolut did. According to market data cited by the trade publication cryptopolitan.com in its reporting, the global market capitalisation of $USDT recently stood at around $184 billion and that of $USDC at around $73 billion. Globally $USDT therefore remains the considerably larger stablecoin, while in the EU the delistings by the major platforms are shifting the picture in favour of $USDC, whose issuer Circle has obtained MiCA authorisation.
A similar pattern of withdrawal and transition period appeared recently at the trading platform Luno, which is winding down its business for customers in the EU; our coverage of the account closure deadline at Luno describes how differently providers handle such deadlines. The difference at Revolut: only a single product disappears, while the account itself remains in place and usable.
The MiCA test: what to check on your next crypto exchange
Before you transfer $USDT to a new platform, its MiCA status is worth a look. The European Securities and Markets Authority, ESMA, has maintained a central register of all authorised crypto-asset service providers since the end of 2024. It is updated regularly and rests on notifications from the national supervisory authorities; in Germany that is BaFin.
Check whether the provider appears there with a current MiCA authorisation, bearing in mind that national transitional registrations expired on July 1, 2026. Check as well whether the specific stablecoin you want to hold is listed on the new platform as an authorised e-money token, and not merely tolerated for as long as nobody looks too closely. And check whether the provider supplies a comprehensible annual summary of your transactions, the one you will need for your tax return.
What to take away from this
- Check your Revolut balance now. Until August 31, 2026 you still decide what happens to your $USDT; after that the app decides. Which exchanges continue to list the stablecoin is shown in our comparison of regulated crypto exchanges.
- Document the price and timing of your transaction. Whether you sell, transfer or wait for the forced conversion, record the conversion rate you will need for your tax return. Software from our comparison of crypto tax tools and portfolio trackers can automate that.
- Secure your Revolut transaction history. Download an annual summary while you still have access to your $USDT trading record. Which platforms deliver a complete, exportable overview is shown in our comparison of the best crypto exchanges.
(As of August 10, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)
Transparency note: This article was produced with the assistance of artificial intelligence and reviewed by our editorial team before publication. All figures and claims were checked against the primary sources linked in the text. The feature image was generated with AI.
