#Revolut将下架USDT
Revolut removes $USDT—under this news post, the comments are full of “USDC wins big” and “MiCA is a total victory,” but once you pull up Tether’s books from the past half year, the story is completely the opposite.
Revolut didn’t actively cut off USDT; it was forced by compliance right after it received its MiCA license from Cyprus—purchase halted on July 6, and on August 31 the remaining balances were automatically converted into fiat currency. Sounds scary with 65 million users, but Europe was never USDT’s main battleground.
Look at the data: Tether’s net increase in May alone was over 5 billion, and its market cap was nearing $19 billion. In the same period, USDC + USDe + PYUSD combined saw outflows of $4.2 billion. In the very quarter when the European entry points were being cut off, Tether’s global market share actually climbed back to nearly 60%. It’s siphoning competitors, not getting besieged.
Ardoino already said that MiCA’s requirement of 60% reserves held in Eurozone banks is itself a systemic risk—so Tether simply strategically abandoned this market. Then it pivoted: in the U.S. it handles the GENIUS Act using USAT, in Europe it routes through the compliant version of USDT0, and keeps offshore USDT for the rest of the world—turning one brand into an entire matrix. The real harvest is happening in places like India (where the USDT premium once spiked to 8.5%), Argentina, Turkey, Nigeria, Gulf states, and Southeast Asia—countries that treat USDT like dollars.
This “Revolut news” isn’t a European tombstone for Tether. It’s a certificate of Tether transferring the loss-making market to its opponents while moving to richer battlegrounds to cash in. So how much meat do you really think USDC can take from this so-called “victory”?
#USDT #MiCA #Tether #stablecoin
Revolut removes $USDT—under this news post, the comments are full of “USDC wins big” and “MiCA is a total victory,” but once you pull up Tether’s books from the past half year, the story is completely the opposite.
Revolut didn’t actively cut off USDT; it was forced by compliance right after it received its MiCA license from Cyprus—purchase halted on July 6, and on August 31 the remaining balances were automatically converted into fiat currency. Sounds scary with 65 million users, but Europe was never USDT’s main battleground.
Look at the data: Tether’s net increase in May alone was over 5 billion, and its market cap was nearing $19 billion. In the same period, USDC + USDe + PYUSD combined saw outflows of $4.2 billion. In the very quarter when the European entry points were being cut off, Tether’s global market share actually climbed back to nearly 60%. It’s siphoning competitors, not getting besieged.
Ardoino already said that MiCA’s requirement of 60% reserves held in Eurozone banks is itself a systemic risk—so Tether simply strategically abandoned this market. Then it pivoted: in the U.S. it handles the GENIUS Act using USAT, in Europe it routes through the compliant version of USDT0, and keeps offshore USDT for the rest of the world—turning one brand into an entire matrix. The real harvest is happening in places like India (where the USDT premium once spiked to 8.5%), Argentina, Turkey, Nigeria, Gulf states, and Southeast Asia—countries that treat USDT like dollars.
This “Revolut news” isn’t a European tombstone for Tether. It’s a certificate of Tether transferring the loss-making market to its opponents while moving to richer battlegrounds to cash in. So how much meat do you really think USDC can take from this so-called “victory”?
#USDT #MiCA #Tether #stablecoin