Crypto
Home›Crypto›Regulation›OKX Europe launches one-way USDT to MiCA USDC conversi…
OKX Europe launches one-way USDT to MiCA USDC conversions
The one-way feature lets users deposit USDT and convert it into MiCA-compliant USDC, aimed at customers whose platforms have stopped accepting Tether under the EU’s MiCA rules.
OKX Europe has launched a one-way conversion feature that lets customers deposit Tether’s USDT and convert it into MiCA-compliant USDC, according to a company announcement shared with Cointelegraph. The exchange said the tool is meant to support a regulated migration path as EU Markets in Crypto-Assets, or MiCA, reshapes which stablecoins can be supported across the region.
OKX Europe said Tether’s USDt was not authorized for issuance under MiCA, leading many European platforms to restrict USDT deposits, delist trading pairs, or convert customer balances into compliant alternatives after the EU’s MiCA framework rollout was completed on July 1. The exchange framed the conversion option as voluntary, with customers able to complete the swaps at their discretion rather than by a platform-imposed deadline.
The feature is offered to customers in 30 EU and European Economic Area countries under OKX Europe’s MiCA license. Cointelegraph also noted that USDT remains the dominant stablecoin globally, citing DefiLlama data that places Tether at about 59% of the roughly $310 billion stablecoin market, versus about $73 billion for Circle’s USDC.
Cointelegraph further reported that Tether has defended its decision not to seek MiCA authorization for USDT, and that Tether CEO Paolo Ardoino has criticized MiCA on the grounds that its reserve requirements create risks, as platforms across Europe have shifted users toward compliant alternatives since the framework began taking effect in late 2024.