OKX Europe has opened a one-way conversion route throughout 30 EU and EEA international locations, permitting prospects to deposit USDT and change it for MiCA-compliant USDC.
Abstract
- OKX Europe now lets customers deposit USDT and convert it into MiCA-compliant USDC.
- Tether continues to reject MiCA approval over considerations in regards to the framework’s reserve necessities.
- Binance’s European retreat has left licensed exchanges competing for customers affected by MiCA restrictions.
In response to an OKX announcement, eligible prospects can ship Tether’s USDT to their OKX Europe accounts earlier than changing the tokens into Circle-issued USDC. OKX additionally promoted an 8% deposit bonus for patrons transferring funds to the platform.
Not like automated conversion packages launched by some platforms, OKX stated its service permits customers to determine when to change their holdings. The corporate positioned the characteristic as an possibility for patrons whose present platforms have stopped accepting USDT or plan to transform remaining balances after a deadline.
Working beneath a Markets in Crypto-Belongings license, OKX Europe at present serves prospects throughout 30 international locations within the European Union and European Financial Space. The authorization permits the change to supply regulated crypto providers all through these markets beneath the EU framework.
MiCA restrictions push USDT holders towards USDC
European platforms have lowered help for USDT as a result of Tether has not secured authorization to problem the stablecoin beneath MiCA. For the reason that regulation’s remaining transition interval ended on July 1, exchanges have restricted deposits, eliminated buying and selling pairs and directed prospects towards authorized options.
Circle’s USDC has change into one of many major choices obtainable to these customers as a result of it operates beneath the EU framework. OKX’s new instrument helps deposits solely in USDT and conversions solely into USDC, which means prospects can’t use the characteristic to change USDC again into USDT.
Regardless of the European restrictions, DefiLlama information reveals that USDT stays the world’s largest stablecoin. Tether controls about 59% of the practically $310 billion stablecoin market, with USDT holding roughly $184 billion in market worth, in contrast with round $73 billion for USDC.
Revolut has additionally introduced plans to cease supporting USDT for patrons within the EEA and Switzerland. In response to the digital banking platform, customers have till Aug. 31 to promote or withdraw their holdings earlier than Revolut converts any remaining tokens into every buyer’s base forex.
Tether holds its floor as Binance retreats
Tether CEO Paolo Ardoino has repeatedly defended the corporate’s determination to not search MiCA approval, arguing that the framework’s reserve guidelines may expose stablecoin issuers to further dangers. MiCA requires issuers to carry a part of their reserves with European credit score establishments.
Throughout an earlier interview, Ardoino described the foundations as “very harmful in the case of stablecoins,” whereas acknowledging that refusing authorization may cut back USDT’s availability on European exchanges.
Tether maintained the identical place in July 2025, when Ardoino wrote on X that the corporate would rethink an software solely “when MiCA turns into safer for customers and stablecoin issuers.”
Tether was not the one main crypto firm affected by the EU framework. Binance, the world’s largest crypto change by buying and selling quantity, withdrew its MiCA license software in Greece after failing to safe approval and commenced suspending providers in a number of EU international locations when the 18-month transition interval ended.
Binance’s retreat has left Coinbase, OKX and different MiCA-licensed exchanges competing for European prospects as regulated platforms take a bigger function within the area. For OKX, the USDT-to-USDC route provides affected holders a voluntary conversion possibility whereas European help for Tether’s stablecoin continues to say no.
