OKX Europe has launched a one-way conversion feature allowing customers to deposit $USDT and convert it into $USDC, offering a regulated migration path as the European Union’s Markets in Crypto-Assets (MiCA) rules limit support for the world’s largest stablecoin.
According to a company announcement shared with Cointelegraph, the feature lets customers deposit Tether’s USDt ($USDT) into their OKX Europe account and convert the tokens into $USDC ($USDC), one of the largest stablecoins available under the European Union’s MiCA framework.
Tether has not obtained authorization to issue $USDT under MiCA, prompting many European platforms to restrict deposits, delist trading pairs or convert customer balances into compliant alternatives as the European Union completed the framework’s rollout on July 1.
OKX Europe said the feature is designed for customers whose existing platforms no longer accept $USDT or plan to migrate their balances automatically. The exchange said conversions can be completed at the customer’s discretion rather than through a platform-imposed deadline.
The move comes even as $USDT remains the dominant stablecoin globally. According to DefiLlama, Tether accounts for about 59% of the nearly $310 billion stablecoin market, with a market capitalization of roughly $184 billion, compared with about $73 billion for Circle’s $USDC.
OKX Europe serves customers across 30 EU and European Economic Area countries under its MiCA license.
Source: DefiLlama
Why did Tether reject MiCA?
Tether has defended its decision not to seek MiCA authorization for $USDT, even as the move prompted many European crypto platforms to delist or restrict the stablecoin. Since the EU’s regulatory framework began taking effect in late 2024, exchanges across the region have been shifting users toward MiCA-compliant alternatives.
Tether CEO Paolo Ardoino has repeatedly criticized MiCA, arguing its reserve requirements create unnecessary risks for stablecoin issuers by requiring a portion of reserves to be held with European credit institutions.
In a May 2025 interview with Cointelegraph, Ardoino described the framework as “very dangerous when it comes to stablecoins,” saying Tether chose not to pursue authorization despite the likelihood that $USDT would lose support on European exchanges.
The company has shown little sign of changing course. In a July 2025 post on X, Ardoino said Tether would reconsider seeking MiCA authorization only “when MiCA becomes safer for consumers and stablecoin issuers.”
Source: Paolo Ardoino
Recently, digital banking platform Revolut said it will stop supporting $USDT for customers in the European Economic Area and Switzerland, giving users until Aug. 31 to sell or withdraw their holdings before automatically converting any remaining balances into their base currency.
