Full story
OKX offers USDT to USDC
OKX Europe has launched a one-way conversion feature that lets customers deposit $USDT and convert it into $USDC, positioning the move as a regulated migration path under the European Union’s Markets in Crypto-Assets (MiCA) rules.
“Source: DefiLlama Related: ESMA adds 14 new CASPs to MiCA register as licensing slows Tether has defended its decision not to seek MiCA authorization for USDT, even as the move prompted many European crypto platforms to delist or restrict the stablecoin”
The feature, described in an OKX Europe announcement shared with Cointelegraph, allows customers to deposit Tether’s USDt ($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.
The conversion is designed for customers whose existing platforms no longer accept $USDT or plan to migrate their balances automatically, and OKX Europe said conversions can be completed at the customer’s discretion rather than through a platform-imposed deadline.
The timing is tied to MiCA’s rollout, with the Cryptonews.net report stating the European Union completed the framework’s rollout on July 1, while Crypto Briefing frames the compliance deadline as July 1, 2026 for licensed platforms in the EU to stop offering non-compliant stablecoins to European users.
Tether resists MiCA
Tether has not obtained authorization to issue $USDT under MiCA, and Cryptonews.net says this prompted many European platforms to restrict deposits, delist trading pairs or convert customer balances into compliant alternatives.
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.
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,” while Cointelegraph also notes that Tether has shown little sign of changing course.
Users face shifting support
As MiCA reshapes stablecoin access, 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.
“OKX Europe has launched a one-way conversion feature allowing customers to deposit $USDT and convert it into $USDC, offering a regulated migration path as the European Union’s Markets in Crypto-Assets (MiCA) rules limit support for the world’s largest stablecoin”
Crypto Briefing adds that OKX Europe’s conversion feature is a voluntary off-ramp for European users ahead of the July 1, 2026 compliance deadline, and it says OKX secured its MiCA Crypto-Asset Services Provider license on January 27, 2025.
The same report says OKX is offering up to an 8% deposit bonus for assets moved from non-MiCA platforms starting from the enforcement of the new regulations, and it describes OKX partnering with Circle to enable global 1:1 USD-to-USDC conversions.
Crypto Briefing also claims that USDT trading volumes on EU platforms have already dropped significantly, with some exchanges reporting declines exceeding 70%, and it lists Binance, Coinbase, and Kraken as having either delisted or restricted USDT trading for European users in response to MiCA requirements.
