US Dollar (USD) on Solana

Revolut will halt new USDT purchases for European customers on July 6, 2026, stop new deposits on July 30, and fully delist the stablecoin by August 31. Users with existing USDT holdings can sell or withdraw to external wallets before the deadline; any remaining balances will be auto-converted to fiat. The move follows Tether's decision not to seek authorization under the EU's Markets in Crypto-Assets (MiCA) regulation, which entered full enforcement on July 1, 2026. MiCA requires stablecoin issuers to hold at least 60% of reserves as bank deposits — a rule Tether CEO Paolo Ardoino has argued "creates liquidity risks." Tether had already wound down its euro stablecoin EURT in November 2024 rather than comply with earlier MiCA requirements.

The delisting highlights a widening regulatory divide among dollar-pegged stablecoins in Europe. Circle's USDC, which holds MiCA authorization, gains a structural advantage as platforms operating under EU rules are effectively compelled to drop non-compliant alternatives. USDT remains the largest stablecoin globally at roughly $184 billion in market cap, while USDC sits at approximately $73 billion.

Open Standard, an independent company backed by more than 140 institutional partners including Visa, Mastercard, BlackRock, BNY, Coinbase, Ripple, Google, and Stripe, has launched Open USD (OUSD), a new dollar-pegged stablecoin targeting the dominance of USDT and USDC. Unlike those incumbents — where the issuer captures reserve yield — OUSD routes most income from its reserves back to participating businesses, while minting and redemption carry no fees and no volume limits. Circle's stock fell 13% immediately after the announcement, signaling that markets view the consortium's structure as a credible threat to the existing USD stablecoin duopoly.

OUSD is scheduled to go live later in 2026 on Solana, Stellar, Base, Polygon, and other networks, with Solana receiving native integration from day one. The breadth of TradFi involvement — payments networks, global custodians, and major crypto exchanges simultaneously — marks a structural shift in how institutional capital approaches on-chain dollar settlement. Success will ultimately depend on whether the revenue-sharing model drives real circulating supply growth and merchant adoption, but the consortium's launch redraws the competitive map for USD-backed stablecoins on public blockchains.