The feature gives customers in 30 EU and European Economic Area countries a voluntary way to move out of Tether’s USDT as MiCA rules tighten support for non-authorized stablecoins.
OKX Europe has introduced a one-way feature that lets customers deposit Tether’s USDt (USDT) and convert it into USDC, creating a voluntary migration route as the European Union’s Markets in Crypto-Assets (MiCA, EU crypto rules) framework narrows support for non-authorized stablecoins. The exchange said the tool is aimed at users whose current platforms no longer accept USDT or are planning automatic balance migrations, allowing customers to choose when to convert rather than follow a platform deadline. The launch comes as European venues adjust to MiCA after the framework’s rollout was completed on July 1. Tether has not secured authorization to issue USDT under MiCA, leading many platforms in the region to restrict deposits, remove trading pairs or switch users into compliant alternatives. OKX Europe said it serves customers across 30 EU and European Economic Area countries under its MiCA license. USDT nonetheless remains the largest stablecoin globally. DefiLlama data cited in the announcement shows Tether accounts for about 59% of the nearly $310 billion stablecoin market, with a market capitalization of roughly $184 billion, versus about $73 billion for Circle’s USDC. Tether CEO Paolo Ardoino has defended the company’s decision not to seek MiCA approval, arguing the regime’s reserve requirements expose issuers to unnecessary risk by requiring part of reserves to be held with European credit institutions. In a May 2025 interview, he called the framework “very dangerous when it comes to stablecoins,” and in a July 2025 X post said Tether would revisit authorization only “when MiCA becomes safer for consumers and stablecoin issuers.”