Image Credit: Shutterstock
OKX Europe has introduced a one-way service allowing users in the European Economic Area to deposit Tether’s USDT and convert it into Circle’s MiCA-compliant USDC.
The feature became available on July 17 through the exchange’s website and mobile app. It gives users holding USDT on other platforms a migration route without restoring normal USDT trading on OKX Europe.
Deposited USDT Converts Directly Into USDC
Eligible users can send USDT to a designated OKX Europe deposit address and complete the conversion into USDC. The deposited tokens cannot remain in the account as a tradable or holdable USDT balance.
The service only supports conversions from USDT to USDC. Users cannot reverse completed transactions or convert USDC back into USDT through the same feature. OKX has not announced when the service will end.
Supported Networks Include Ethereum and Tron
Supported deposit networks include Ethereum, Tron, Solana, Polygon, Avalanche, Aptos, Optimism, Arbitrum and several networks carrying the cross-chain USDT0 token.
Minimum deposits are generally 0.01 USDT, though requirements vary by network. The network list gives users several routes for moving USDT from outside platforms into the conversion service.
Converted USDC Supports Trading and Card Payments
USDC received through the conversion can be used across OKX’s EUR and USDC spot markets without another deposit step. Customers can also use the balance as margin for selected perpetual products and futures trading bots.
The converted funds may also be placed in eligible Earn products or spent through the OKX Card, subject to product availability and customer eligibility. USDC deposits and withdrawals remain fully supported for European users.
MiCA Restrictions Keep USDT Trading Closed
OKX Europe does not offer USDT trading because Tether has not obtained the authorization required to issue the stablecoin under the European Union’s Markets in Crypto-Assets regulation.
Circle’s European entity received authorization covering USDC, allowing regulated exchanges to continue offering the token to EEA customers. OKX also supports Paxos-issued USDG as a compliant dollar-linked alternative.
OKX License Covers 30 EEA Countries
OKX Europe holds a crypto-asset service provider license from the Malta Financial Services Authority that can be passported across 30 EEA countries.
The new conversion option does not change USDT’s regulatory status or reopen its trading pairs.
Users can deposit USDT only for conversion into USDC while the one-way service remains available.
