OKX Europe has launched a one-way USDT-to-USDC conversion service across 30 European Union and European Economic Area countries, giving users a compliance path as regulators tighten rules on stablecoins in the region. The service allows customers to deposit Tether’s USDT and convert it into Circle’s USDC, which complies with the EU’s Markets in Crypto-Assets framework, or MiCA.
According to the report, the feature is aimed at clients who need to move their holdings because of tougher regulation. OKX said users can decide for themselves when to convert, setting the service apart from automatic conversion mechanisms used on some platforms.
The rollout comes after Tether declined to seek MiCA authorization, a decision that has led European platforms to gradually limit USDT. Even so, DefiLlama data cited in the report shows USDT remains the dominant stablecoin by market capitalization, at about $184 billion.
OKX Europe has launched a one-way USDT-to-USDC conversion service in 30 European Union and European Economic Area countries, allowing users to deposit USDT and exchange it for MiCA-compliant USDC.
The feature is intended for customers who need to move their holdings as regulation tightens. OKX said users can choose when to convert, rather than being pushed through an automatic conversion process.
Tether had previously declined to apply for MiCA authorization, leading platforms in Europe to gradually restrict USDT. DefiLlama data cited in the report shows USDT still leads the stablecoin market with a market capitalization of about $184 billion.
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