OKX Europe lets users swap USDT for MiCA-compliant USDC

OKX Europe has launched a one-way conversion feature that lets customers deposit Tether’s USDT into their accounts and convert those balances into MiCA-compliant USDC. The service is available across the exchange’s 30 EU and European Economic Area markets under its MiCA license.

The tool allows customers to convert USDT into USDC at their own discretion rather than through an exchange-imposed deadline. OKX Europe framed the feature as an option for clients whose providers no longer accept USDT, have delisted USDT trading pairs, or plan to migrate customer balances to compliant alternatives.

Regulatory pressure in the region stems from Tether’s decision not to seek authorization under the EU’s Markets in Crypto-Assets framework. The framework, completed on July 1, requires stablecoin issuers to meet reserve and custody rules to operate in the bloc. Platforms without MiCA authorization have limited support for those tokens.

Market metrics show USDT remains the largest stablecoin globally. Tether’s share is about 59% of the near $310 billion stablecoin market, with an estimated market capitalization near $184 billion, compared with roughly $73 billion for USDC. MiCA rules have narrowed USDT availability in European markets.

Tether CEO Paolo Ardoino has criticized the framework’s reserve requirements for mandating that part of reserves be held with European credit institutions. He described the framework as ‘very dangerous when it comes to stablecoins’ and wrote that Tether would reconsider MiCA authorization only ‘when MiCA becomes safer for consumers and stablecoin issuers.’

Other financial services in Europe have also adjusted USDT support. Digital banking app Revolut told customers in the European Economic Area and Switzerland it will end USDT support, giving users until Aug. 31 to sell or withdraw holdings before remaining balances are converted into customers’ base currencies.

OKX Europe positioned the conversion as a compliance-focused option that enables customers to hold a MiCA-approved stablecoin while choosing if and when to convert USDT balances.