OKX Europe has introduced a conversion feature for European users to swap USDT for USDC. Cointelegraph reported on July 17 local time that the feature was created to let users voluntarily move to a stablecoin that complies with regulation as support for USDT declines under the European Union's MiCA rules.
Users can deposit Tether USDT into an OKX Europe account and then convert it to USDC. USDC is one of the main stablecoins that can be offered under the MiCA framework.
The European Union completed the rollout of the MiCA framework on July 1. Tether did not receive authorisation to issue USDT under MiCA, and several European platforms have therefore restricted USDT deposits or delisted trading pairs. Some platforms are automatically converting customer balances into alternative assets that comply with regulation.
OKX Europe explained that the feature is for users whose existing platforms no longer accept USDT or are set to automatically convert their balances. It also said users can choose the timing of the conversion themselves rather than follow a platform-set deadline.
Chi-gyu Hwang
delight@d-today.co.kr