OKX Europe Launches USDT-to-USDC Conversion Feature Today as MiCA Restrictions Tighten

According to an OKX announcement shared with Cointelegraph, on July 17 the exchange launched a one-way conversion feature allowing customers to deposit USDT and convert it into USDC, a MiCA-compliant stablecoin.

Tether has not obtained authorization to issue USDT under the European Union's Markets in Crypto-Assets (MiCA) framework, which was completed on July 1. The move addresses platforms across 30 EU and European Economic Area countries restricting or delisting USDT. According to DefiLlama, USDT accounts for approximately 59% of the $310 billion stablecoin market with a $184 billion market cap, compared with $73 billion for Circle's USDC.