European pressure on stablecoins is changing access to digital assets. Since the end of the European transition period, several platforms have removed USDT from their offers. However, available data does not show a clear decline in global demand. Activity is growing in some emerging markets, where stablecoins are used for payments, transfers and financial services. This development places the MiCA faced with a central challenge: regulating European access without modifying the global uses of the digital dollar.
In brief
- MiCA is pushing several European platforms to gradually remove USDT from their offerings.
- The end of the European transition period did not cause a notable drop in global demand.
- In Argentina, the use of stablecoins is growing with payments, transfers and financial services.
- Activity is also increasing on Tron and Binance Smart Chain, notably thanks to their low fees.
- Euro stablecoins are attracting more interest in Europe, but the dollar retains a central place in the global market.
USDT retreats from European platforms
Revolut has announced to its European users the withdrawal of USDT after August 31. They adapt their offers to the regulatory requirements on crypto-asset markets. Rules regarding stablecoins have been applied gradually since 2024. The European Union’s transition period ended on July 1.
This deadline increases the pressure on platforms which must exclude non-compliant tokens. The MiCA regulation thus transforms access to the European market without reducing the overall use of stablecoins. According to a report of Artemis Analytics, relayed by Cointelegraph, this development has not however caused any notable change in activity linked to USDT. Alex Weseley, head of research and data, sees no clear change in supply or demand directly linked to the entry into force of MiCA.
He explains that the “ data also does not show major migration between platforms or chains “. The European withdrawal therefore appears to be a transformation of regulated access. This situation distinguishes the constraints imposed on European platforms from the activity observed on global markets. Demand thus remains sustained despite the tightening of the regional framework.
Global demand resists the European shock
There situation observed in Argentina sheds further light on this request. Dollar stablecoins are no longer used solely for trading or storing savings. They occupy a growing place in payments, transfers and certain financial services. This development reduces the relevance of a measurement of demand based solely on European regulated platforms.
Lemon, Argentinian cryptocurrency and financial services platform, processed $9.3 billion in 2025. This volume represents an increase of 60% over one year. At the same time, the number of active users in transactions increased by 70%, to almost 1.8 million. Stablecoin volume also increased by 45%, confirming broader use of dollar-pegged digital assets.
Ignacio Gimenez, Lemon’s chief business and planning officer, describes an evolving role for USDT and other stablecoins:
The role of USDT and other dollar-pegged stablecoins is evolving. We are observing a shift from stablecoins as a store of value to those as financial infrastructure.
Ignacio Gimenez, commercial and planning director of Lemon. Source: Cointelegraph.
According to him, their function is gradually changing from a store of value to a financial infrastructure. Users can pay in Brazil via PIX, receive dollars or euros from abroad and get digital balances. These uses show why demand can remain strong despite European restrictions.
MiCA transforms the European gateway
Artemis data also shows a notable increase in activity on certain blockchains. On Tron, the number of daily users increased by 44%, to around 908,000. These networks particularly attract stablecoin users thanks to their low fees. This development accompanies broader use of digital assets in certain markets.
For Alex Weseley, this progression resembles an expansion of uses in global and emerging markets. He stated that:
Chain data does not show a clear break corresponding to the MiCA launch. They therefore do not signal a specific shift of European activity towards other networks. The movement observed rather accompanies a broader use of stablecoins.
Alex Weseley, Head of Research and Data at Artemis Analytics. Source: Cointelegraph.
MiCA nevertheless retains a major role for European regulated platforms. It determines the stablecoins that they can offer and gradually modifies the structure of the regional market. Maksym Sakharov, CEO and co-founder of WeFi, believes that “ regulation mainly affects access to stablecoins in dollars “. Underlying demand remains linked to cross-border trading, payments and transfers.
Euro stablecoins are looking for their place
The European market must determine which alternatives users will adopt. Dollar-denominated stablecoins have a historical advantage, as the dollar remains the primary reference in the cryptocurrency market. A restriction therefore does not eliminate the needs that support this use. Above all, it can change the channels through which users access digital assets.
Erald Ghoos, Managing Director of OKX Europe, states that “ its platform had already not offered USDT to European users for around two years “. The latest regulatory deadline has therefore not had a major effect on its activity. Some platforms had therefore anticipated the rule changes. The European transition therefore does not take place at the same time for all actors.
In this context, euro stablecoins are attracting growing interest from institutions. Ghoos observes a desire to create more digital assets denominated in euros. For individuals, these solutions could simplify transactions and reduce currency conversions. However, their progress will also depend on their ability to respond to the uses already established around dollar stablecoins.
A global market less dependent on European platforms
Argentina explicitly illustrates this transformation of uses. The increase in volume processed by Lemon, active users and stablecoin transactions accompanies more daily use. In other emerging markets, the increase in users on Binance Smart Chain and Tron confirms this trend. These data do not prove a transfer from Europe, but they do show an independent expansion of this region.
For European platforms, MiCA therefore imposes a stricter selection of the assets offered. For global users, the available data describes demand that relies on liquidity, usage by counterparties and presence in multiple markets. Alternatives in euros can gain ground, particularly among institutions. But the international role of the dollar remains a central factor in the future evolution of stablecoins.
In the short term, the European market should continue to adapt to the applicable rules. At the same time, the growth observed in certain emerging markets could continue to support global demand. The balance will therefore depend less on European withdrawals alone than on the evolution of digital payments, transfers and financial services. In this context, USDT can remain present in global uses, while MiCA will continue to redesign its access in Europe. USDT thus remains subject to two distinct dynamics.
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