Revolut is removing Tether’s USDT stablecoin from its platform by August 31 to comply with Europe’s MiCA stablecoin regulations. The move marks the enforcement phase of rules that began phasing in during 2024 and entered full effect across the EU on July 1.
Yet the delisting has not triggered a collapse in USDT adoption globally. According to Alex Weseley, research and data analyst at Artemis Analytics, “The data does not indicate any noticeable change in USDT supply or demand attributable directly to MiCA coming into effect in Europe. MiCA didn’t trigger a major venue or chain migration.”
OKX Europe, a cryptocurrency exchange, stopped offering USDT to European users approximately two years before this August. Erald Ghoos, chief executive of OKX Europe, noted that institutional interest is shifting toward alternatives. “What we are seeing from institutional players is interest in creating more EUR-denominated stablecoins, which is worth watching as it develops,” Ghoos said.
Stablecoin Activity Accelerates Outside Europe
Stablecoin platforms in emerging markets are recording substantial growth. Lemon, an Argentine crypto and financial services platform, processed $9.3 billion in volume during 2025, a 60% increase from the prior year. The platform served 1.8 million transactional users in 2025, up 70% year-over-year. Stablecoin volume on Lemon grew 45% year-on-year.
Ignacio Gimenez, business and planning manager at Lemon, said the shift reflects changing use cases. “The role of USDT and other dollar stablecoins is evolving. What we’re seeing is a shift from stablecoins as a store of value to stablecoins as financial infrastructure,” Gimenez said.
Blockchain networks favored for stablecoin transactions are also expanding. Binance Smart Chain recorded approximately 318,000 daily users in June 2024. By July 2026, daily users on the chain reached 1.56 million. Tron, another blockchain popular with stablecoin users, saw daily users increase 44% to 908,000.
Infrastructure Advantage Persists
Dollar-denominated stablecoins retain a structural advantage in global crypto markets as the primary benchmark. Maksym Sakharov, chief executive and co-founder of WeFi, a crypto financial infrastructure company, explained the resilience of USDT demand despite regional restrictions.
“Users do not choose a stablecoin only because it is available on one regulated platform. They choose it because counterparties use it, liquidity is deep, and it works across many markets,” Sakharov said.
Weseley attributed the growth in stablecoin activity on alternative chains to broader adoption patterns rather than MiCA-driven migration. “That looks like expanding global and emerging market usage rather than a Europe-specific migration, and there’s no clear MiCA-timed break in the chain data,” Weseley said.
