Revolut is preparing to launch its own euro-backed stablecoin, stepping into a market long dominated by dollar-pegged tokens and taking direct aim at Tether's grip on the roughly $170B sector.

The move builds on Revolut's freshly secured MiCA license from Cyprus, which lets it market regulated crypto services across all 30 EEA markets, and on its decision to delist USDT for European users after MiCA's transition period ended in July. A euro-native, fully regulated stablecoin would hand Revolut's large European user base a compliant on-chain settlement asset that Tether, still unauthorized under MiCA, cannot legally offer inside the bloc.

The bet is that stricter EU rules finally loosen Tether's dominance. A wave of neobanks is eyeing the same opening, but Revolut's stack of banking licenses and MiCA clearance puts it among the first positioned to issue a regulated euro coin at scale.

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