OKX Europe lets users convert USDT to MiCA-compliant USDC

OKX Europe lets users convert USDT to MiCA-compliant USDC

The feature offers European customers a voluntary path away from Tether’s USDT as MiCA rules reshape the region’s stablecoin market.

Source: DefiLlama

Related: ESMA adds 14 new CASPs to MiCA register as licensing slows

Tether has defended its decision not to seek MiCA authorization for USDT, even as the move prompted many European crypto platforms to delist or restrict the stablecoin. Since the EU’s regulatory framework began taking effect in late 2024, exchanges across the region have been shifting users toward MiCA-compliant alternatives.

Tether CEO Paolo Ardoino has repeatedly criticized MiCA, arguing its reserve requirements create unnecessary risks for stablecoin issuers by requiring a portion of reserves to be held with European credit institutions. In a May 2025 interview with Cointelegraph, Ardoino described the framework as “very dangerous when it comes to stablecoins,” saying Tether chose not to pursue authorization despite the likelihood that USDT would lose support on European exchanges.

The company has shown little sign of changing course. In a July 2025 post on X, Ardoino said Tether would reconsider seeking MiCA authorization only “when MiCA becomes safer for consumers and stablecoin issuers.”

Source: Paolo Ardoino

Recently, digital banking platform Revolut said it will stop supporting USDT for customers in the European Economic Area and Switzerland, giving users until Aug. 31 to sell or withdraw their holdings before automatically converting any remaining balances into their base currency.

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