OKX Europe has launched a one-way conversion characteristic permitting clients to deposit USDT and convert it into USDC, providing a regulated migration path because the European Union’s Markets in Crypto-Belongings (MiCA) guidelines restrict assist for the world’s largest stablecoin.
In response to an organization announcement shared with Cointelegraph, the characteristic lets clients deposit Tether’s USDt (USDT) into their OKX Europe account and convert the tokens into USDC (USDC), one of many largest stablecoins out there beneath the European Union’s MiCA framework.
Tether has not obtained authorization to situation USDT beneath MiCA, prompting many European platforms to limit deposits, delist buying and selling pairs or convert buyer balances into compliant options because the European Union accomplished the framework’s rollout on July 1.
OKX Europe mentioned the characteristic is designed for purchasers whose present platforms not settle for USDT or plan emigrate their balances mechanically. The alternate mentioned conversions might be accomplished on the buyer’s discretion slightly than by way of a platform-imposed deadline.
The transfer comes whilst USDT stays the dominant stablecoin globally. In response to DefiLlama, Tether accounts for about 59% of the practically $310 billion stablecoin market, with a market capitalization of roughly $184 billion, in contrast with about $73 billion for Circle’s USDC.
OKX Europe serves clients throughout 30 EU and European Financial Space nations beneath its MiCA license.
Supply: DefiLlama
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Why did Tether reject MiCA?
Tether has defended its resolution to not search MiCA authorization for USDT, even because the transfer prompted many European crypto platforms to delist or prohibit the stablecoin. Because the EU’s regulatory framework started taking impact in late 2024, exchanges throughout the area have been shifting customers towards MiCA-compliant options.
Tether CEO Paolo Ardoino has repeatedly criticized MiCA, arguing its reserve necessities create pointless dangers for stablecoin issuers by requiring a portion of reserves to be held with European credit score establishments.
In a Might 2025 interview with Cointelegraph, Ardoino described the framework as “very harmful in relation to stablecoins,” saying Tether selected to not pursue authorization regardless of the chance that USDT would lose assist on European exchanges.
The corporate has proven little signal of fixing course. In a July 2025 publish on X, Ardoino mentioned Tether would rethink looking for MiCA authorization solely “when MiCA turns into safer for customers and stablecoin issuers.”
Supply: Paolo Ardoino
Not too long ago, digital banking platform Revolut mentioned it should cease supporting USDT for purchasers within the European Financial Space and Switzerland, giving customers till Aug. 31 to promote or withdraw their holdings earlier than mechanically changing any remaining balances into their base foreign money.
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