OKX Europe has opened a one-way transfer route across 30 countries in the EU and EEA, allowing customers to deposit USDT and exchange it for MiCA-compliant USDC.
summary
- OKX Europe now allows users to deposit USDT and convert it to MiCA-compliant USDC.
- Tether continues to reject MiCA approval due to concerns over frame reserve requirements.
- Binance’s European withdrawal has left licensed exchanges competing for users affected by MiCA restrictions.
According to OKX’s announcement, eligible customers can send Tether’s USDT to their OKX Europe accounts before converting tokens into USDC issued by the department. OK x too Promoted 8% deposit bonus For customers who transfer money to the platform.
Unlike automatic transfer programs offered by some platforms, OKX said its service allows users to schedule when to exchange their holdings. The company positioned this feature as an option for customers whose existing platforms have stopped accepting USDT or plan to transfer remaining balances after the deadline.
OKX Europe operates under a Markets in Crypto Assets licence, and currently serves clients in 30 countries in the European Union and European Economic Area. the permission The exchange is allowed to offer regulated crypto services across those markets within the EU framework.
MiCA restrictions push USDT holders towards USDC
European exchanges reduced USDT support due to Tether doing so Permission not guaranteed To issue a stablecoin under MiCA. Since the regulation’s final transition period ended on July 1, exchanges have been restricting deposits, removing trading pairs, and steering clients toward approved alternatives.
Circle’s USDC has become one of the main options available to these users because it operates within the European Union framework. The new OKX tool only supports deposits in USDT and transfers only in USDC, meaning customers cannot use the feature to exchange USDC back to USDT.
Despite European restrictions, DefiLlama data shows that USDT remains the world’s largest stablecoin. Tether controls about 59% of the roughly $310 billion stablecoin market, with USDT having roughly $184 billion in market capitalization, compared to about $73 billion for USDC.
The revolution has too Announced plans To stop supporting USDT for customers in the European Economic Area and Switzerland. According to the digital banking platform, users have until August 31 to sell or withdraw their holdings before Revolut converts any remaining tokens into each customer’s base currency.
Tether maintains its position as Binance declines
Tether CEO Paolo Ardoino has repeatedly defended the company’s decision not to seek MiCA approval, arguing that the framework’s reserve rules may expose stablecoin issuers to additional risks. MiCA requires exporters to hold a portion of their reserves with European credit institutions.
During a previous interview, Arduino described the rules as “very serious when it comes to stablecoins,” while acknowledging that denying a license could reduce the availability of USDT on European exchanges.
Tether maintained the same stance in July 2025, when Ardoino wrote on X that the company would only reconsider the application “when MiCA becomes safer for consumers and issuers of stablecoins.”
Tether was not the only major cryptocurrency company affected by the EU framework. Binance, the world’s largest cryptocurrency exchange by trading volume, MiCA license application withdrawn in Greece after failing to gain approval and began suspending services in several EU countries when the 18-month transition period ended.
Binance’s decline left Coinbase, OKX and other MiCA-licensed exchanges out Competing for European customers Regulated platforms are playing a bigger role in the region. For OKX, the USDT to USDC route provides affected holders with a voluntary conversion option while European support for the Tether stablecoin continues to decline.
