TL;DR
- OKX Europe launched a one-way conversion feature that allows its clients to deposit USDT and convert it into USDC, which is MiCA-compliant.
- Tether did not obtain MiCA authorization, leading multiple European platforms to restrict or delist USDT as of July 1.
- USDT continues to dominate the stablecoin market with a capitalization of approximately $184 billion, compared to USDC’s $73 billion.
OKX Europe launched a one-way conversion feature that allows its clients to deposit USDT and receive USDC in return, one of the stablecoins enabled under the European Union’s regulatory framework known as Markets in Crypto-Assets (MiCA). According to a company statement, the tool is designed for users whose current exchanges no longer accept USDT or plan to migrate their balances automatically.
The distinctive feature of the mechanism is that the conversion remains at the client’s discretion, with no deadlines imposed by the platform. OKX Europe operates under its MiCA license and serves users in 30 countries across the European Union and the European Economic Area.
Europe, your USDT redemption path is here.
Deposit USDT to OKX, convert one-way to MiCA-compliant USDC in a few taps – fully regulated across Europe.
Transfer now and unlock an 8% deposit bonus. 🇪🇺
— OKX (@okx) July 17, 2026
OKX Europe: Reordering the Stablecoin Market
The launch responds to the deep restructuring of the European stablecoin market. Tether did not apply for authorization to issue USDT under MiCA, a decision that company CEO Paolo Ardoino has publicly defended on repeated occasions.
In an interview, Ardoino described the regulatory framework as “very dangerous with respect to stablecoins“, specifically questioning the reserve requirements that oblige issuers to hold a portion of their funds in European credit institutions. In July 2025, in a post on X, Ardoino was more direct: Tether would reconsider seeking MiCA authorization only “when MiCA becomes safer for consumers and stablecoin issuers“.
Despite its withdrawal from the regulated European market, USDT remains strongly dominant at the global level. According to data from DefiLlama, Tether holds around 59% of the stablecoin market, valued at nearly $310 billion, with its own capitalization of approximately $184 billion. USDC, issued by Circle and MiCA-compliant, reaches $73 billion.
Revolut Also Suspends USDT in Europe
OKX’s decision was mirrored by other platforms. Digital banking platform Revolut also announced it will stop supporting USDT for clients in the European Economic Area and Switzerland, setting a deadline of August 31 to sell or withdraw balances before they are automatically converted to each account’s base currency.
