MiCA Authorization Tightens Stablecoin Distribution in Europe as EURXT Launches and Revolut Phases Out USDT

MiCA’s post-July 1 phase is making authorization a key gatekeeper for distributing stablecoins and other crypto products across Europe, effectively filtering which offerings can reach EU users. According to NS3.AI, the shift is being reinforced by regulators and reflected in product and platform changes. The European Securities and Markets Authority (ESMA) said in a June 23 statement that unauthorized crypto-asset service providers should stop onboarding new EU clients. CACEIS said Crédit Agricole launched EURXT on July 1, describing it as a MiCA-compliant euro electronic money token. Separately, WuBlockchain reported that Revolut is phasing out USDT support for European users under a staged timetable.