Revolut has confirmed it will phase out support for Tether’s USDT stablecoin from its European platform, setting a series of deadlines that culminate in an automatic fiat conversion at the end of August. The move comes as the fintech adjusts to evolving EU digital asset regulations under MiCA, and coincides with a rare glimpse into Tether’s private ownership: former chief investment officer Richard Heathcote is working with PJT Partners to sell part of his 1.26% stake in the company.
The USDT removal follows a structured timeline. Purchases of USDT will stop after July 6, and new deposits will no longer be accepted after July 30. Existing users can sell or withdraw their USDT until the final cut-off on August 31 at 12:00 PM GMT. Any balances remaining after that deadline will be automatically converted into fiat currency at the prevailing market rate, according to Wu Blockchain’s report and user notifications. Revolut framed the decision as part of its commitment to maintaining secure and transparent cryptocurrency services, without citing any operational issues with USDT itself.
While Revolut retreats, Tether’s private ownership structure is coming under a rare spotlight. Bloomberg reported that Heathcote, who stepped back from daily duties in March when Zachary Lyons took over as CIO, is seeking to sell a portion of his 1.26% holding. The process is being handled privately through PJT Partners, not via a public listing. Tether CEO Paolo Ardoino has repeatedly dismissed IPO talk, stating in April 2025, “Tether doesn’t need to go public.” The company remains privately held and continues to report strong profits—$1.04 billion net in Q1 2026 with $8.23 billion in excess reserves—backed largely by U.S. government instruments.
USDT remains the dominant stablecoin, commanding roughly 59% of the $312 billion total stablecoin market with a market cap near $184.23 billion. The Heathcote stake sale, even if only a partial disposal, may offer a benchmark for valuing one of crypto’s largest private enterprises at a time when regulatory pressure in Europe is prompting some platforms to delist the token. Other exchanges like Kraken and Bithumb are separately navigating their own public-market plans, but Tether has shown no sign of following suit.
