OKX Europe launched a one-way conversion feature allowing customers to deposit USDT and convert it into USDC, providing a regulated migration path as the European Union's Markets in Crypto-Assets (MiCA) rules limit support for Tether's stablecoin. The feature was introduced after Tether declined to seek MiCA authorization, prompting European platforms to restrict USDT deposits and delist trading pairs following the framework's rollout completion on July 1. OKX Europe serves customers across 30 EU and European Economic Area countries under its MiCA license, offering the conversion tool for users whose existing platforms no longer accept USDT or plan automatic balance migrations.
OKX Europe Introduces USDT-to-USDC Conversion Feature
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.
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.
![DefiLlama stablecoin market data]()
Source: DefiLlama
Tether CEO Defends MiCA Rejection in May 2025 Interview
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."
![Paolo Ardoino's X post]()
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.
FAQ
What did OKX Europe launch for USDT holders?
OKX Europe launched a one-way conversion feature allowing customers to deposit USDT and convert it into USDC, providing a regulated migration path under the European Union's MiCA framework.
Why did Tether reject MiCA authorization for USDT?
Tether CEO Paolo Ardoino criticized MiCA's reserve requirements, describing the framework as "very dangerous when it comes to stablecoins" in a May 2025 interview with Cointelegraph. Ardoino stated in a July 2025 X post that Tether would reconsider only "when MiCA becomes safer for consumers and stablecoin issuers."
When is Revolut's deadline for USDT withdrawals in the EEA?
Revolut gave users until Aug. 31 to sell or withdraw their USDT holdings before automatically converting any remaining balances into their base currency.
