OKX Europe offers USDT holders a one-way ticket to MiCA-compliant USDC 🚂

OKX Europe has rolled out a one-way conversion feature that lets customers deposit Tether's USDt (USDT) and swap it into USDC (USDC), giving users a regulated migration route as the European Union's Markets in Crypto-Assets (MiCA) framework curtails support for the world's largest stablecoin. The exchange said in an announcement shared with Cointelegraph that the tool is aimed at customers whose existing platforms no longer accept USDT or who plan to move balances into a MiCA-compliant alternative, and that conversions can be completed at the customer's discretion rather than against a platform-imposed deadline.

The feature arrives as exchanges across the region restrict USDT, delist trading pairs or convert client balances into compliant alternatives. Tether has not obtained authorization to issue USDT under MiCA, and the European Union completed the framework's rollout on July 1. OKX Europe, which serves customers across 30 EU and European Economic Area countries under its MiCA license, framed the new option as a voluntary bridge rather than an automatic migration.

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. Tether CEO Paolo Ardoino has defended the company's decision not to seek MiCA authorization, arguing that its reserve requirements create unnecessary risks by mandating that a portion of reserves 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."

Other European platforms have moved to wind down USDT support. 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. ESMA has added 14 new CASPs to its MiCA register as licensing activity across the bloc continues to slow.