OKX Europe has launched a one-way conversion feature allowing European users to deposit Tether (USDT) and convert it into USD Coin (USDC).

The exchange introduced the tool as an option for holders seeking to move USDT holdings into a MiCA-compliant stablecoin following changes to stablecoin requirements under the European Union’s MiCA framework.

Tether has not obtained authorisation to issue USDT under MiCA.

As MiCA requirements for stablecoins take effect, many European platforms have restricted deposits, removed trading pairs, or converted customer balances into compliant alternatives.

The OKX Europe feature allows customers to deposit USDT into its licensed venue and convert the tokens into USDC, a stablecoin regulated under MiCA, on their own schedule.

OKX said USDC currently ranks as the most liquid regulated stablecoin across European order books. The exchange allows users to trade converted funds or move them into fiat currencies such as the euro.

“Most USDT holders in Europe are getting squeezed in two ways: platforms blocking the deposit outright, or converting it on their own clock,”

said Erald Ghoos, CEO of OKX Europe.

“We are offering a way to convert on your terms, and stay in crypto while you do it.”

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