How it works and who else will be “taken down”:
1. Under the threat — unregulated stablecoins
MiCA rules impose strict requirements specifically on stablecoin issuers (they must have a license in the EU and provide reserves in European banks).
Who’s out: Any other stablecoins whose issuers have not received approval from EU regulators. This may include algorithmic stablecoins, illiquid coins, or assets from other major issuers that decided to ignore MiCA (as Tether did with USDT).
Who’s safe: Regulated and approved stablecoins. The main beneficiary here is USDC (the Circle company was the first to obtain the required license), as well as euro stablecoins like EURC.
2. What will happen to regular coins (BTC, ETH, etc.)?
For classic cryptocurrencies (Bitcoin, Ethereum, Solana, etc.), there are no delisting threats due to MiCA. The regulation governs the exchanges and crypto companies themselves (CASPs), requiring them to obtain licenses, verify users (KYC), and follow transparency rules—but no one is banning trading in Bitcoin.
What should you do if you trade in a European jurisdiction?
If your account on Revolut or another regulated EU exchange is linked to European documents, liquidity in USDT pairs will be gradually phased out. It makes sense to convert your accumulated stablecoin holdings to USDC in advance, or withdraw funds to external non-custodial wallets where MiCA rules are powerless.