OKX Europe has launched a new feature for USDT holders in Europe. Users can deposit USDT into the platform and then convert it into USDC, which complies with EU MiCA rules. The service covers 30 EU and EEA countries.
Only supports one-way conversion
According to OKX's announcement, this feature only supports USDT deposits and can only be converted to USDC issued by Circle; it cannot be exchanged back to USDT from USDC. OKX emphasizes that this is not an automatic conversion, and users can decide when to complete the exchange themselves.
The platform positions this service as a transitional tool, primarily targeting customers whose existing platforms have stopped accepting USDT or who plan to forcibly process their remaining USDT balances after the deadline.
After the MiCA transition period ends, the platform will tighten its support.
With the MiCA transition period ending on July 1st, several European platforms have reduced their support for USDT. This is because Tether has not yet been authorized to issue the stablecoin under the MiCA framework. Subsequently, some exchanges restricted USDT deposits, delisted related trading pairs, and directed users to compliant alternatives.
Against this backdrop, USDC has become one of the main alternatives in the European market. Because it is included in the EU regulatory framework, holders can more easily continue to use and transfer funds on regulated platforms.
- USDT has a market capitalization of approximately $184 billion.
- The total market capitalization of stablecoins is approaching $310 billion.
- The USDC has a market capitalization of approximately $73 billion.
Tether continues to refuse to apply for MiCA authorization.
Tether CEO Paolo Ardoino has stated multiple times that the company does not apply for MiCA authorization primarily because its reserve requirements could pose additional risks to stablecoin issuers. MiCA requires issuers to deposit a portion of their reserves with European credit institutions.
Ardoino has described such rules as "very dangerous" for stablecoins. He also acknowledged that not applying for authorization would reduce the usability of USDT on European trading platforms. In July 2025, he also stated on X that Tether would only reconsider applying for authorization when MiCA would be "safer" for consumers and stablecoin issuers.
The competitive landscape of European platforms is changing.
Besides Tether, other crypto platforms are also affected by MiCA. Revolut has stated that it will stop providing USDT support to customers in the European Economic Area and Switzerland. Users must sell or withdraw their holdings before August 31, otherwise the remaining tokens will be converted into the account's base currency.
Binance previously withdrew its MiCA license application in Greece after failing to obtain approval, and suspended services in some EU markets after the 18-month transition period ended. As Binance scales back its European operations, platforms like Coinbase and OKX, which have already obtained MiCA licenses, are vying for a new wave of users under a regulated framework.
