OKX Europe has launched a one-way conversion feature, allowing customers to deposit USDT and convert to USDC, offering a regulated migration path as European Union cryptocurrency markets (MiCA) regulations restrict support for the world’s largest stablecoin.
According to the company’s announcement shared with Cointelegraph, the feature allows customers to deposit Tether (USDT) tokens into an OKX Europe account and convert the tokens to USDC (USDC), one of the largest stablecoins available under the EU’s MiCA program.
Tether was not allowed to issue USDT under MiCA, prompting many European platforms to restrict deposits, delist trading pairs or convert customer balances to compliant alternatives after the European Union ended its implementation of the framework on July 1.
OKX Europe says this feature is intended for customers whose existing platforms no longer accept USDT or who plan to automatically migrate their balances. The exchange stated that conversions can be carried out at the customer’s discretion, rather than within a deadline imposed by the platform.
The move comes even as USDT remains the dominant stablecoin in the world. According to DefiLlama, Tether accounts for approximately 59% of the nearly $310 billion stablecoin market, with a market capitalization of approximately $184 billion compared to USDC Circle’s approximately $73 billion.
OKX Europe serves customers in 30 EU and European Economic Area countries under its MiCA license.
Source: DefiLlama
Related: ESMA adds 14 modern CASPs to the MiCA register as licensing slows down
Why did Tether reject MiCA?
Tether 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 regulatory framework came into force in slow 2024, exchanges across the region have been steering users towards MiCA-compliant alternatives.
Tether CEO Paolo Ardoino has repeatedly criticized MiCA, arguing that 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 as far as stablecoins are concerned,” saying that Tether had decided not to seek authorization despite the likelihood of losing USDT support on European exchanges.
The company has shown no signs of changing course. In a July 2025 X post, Ardoino said Tether would only reconsider applying for MiCA authorization “when MiCA becomes more secure for consumers and stablecoin issuers.”
Source: Paolo Ardoino
Recently, digital banking platform Revolut announced that it will discontinue USDT support for customers in the European Economic Area and Switzerland, giving users until August 31 to sell or withdraw their holdings and then have their remaining balances automatically converted to the base currency.
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