OKX Blocks USDT Trading in Europe Due to Tether's Regulatory Refusal

The largest stablecoin by market cap, USDT (Tether USD), is not tradeable on OKX in Europe due to regulatory reasons. According to Tether Ltd's statement, they have no intention of applying for authorisation under the EU's Markets in Crypto-Assets Regulation (MiCA). As a result, OKX Europe Ltd cannot offer USDT for trading to users residing across the EU and EEA.

USDT deposits will arrive frozen in users' accounts, preventing spot trading or any other transactions. Users must contact OKX support to arrange a return withdrawal to an external address. In place of USDT, OKX supports two MiCA-compliant USD stablecoins: USDC (Circle) and USDG (Paxos).

USDC is issued by Circle Internet Financial, LLC, which holds MiCA authorisation within the EU. The issuer maintains 1:1 backing with cash and short-duration US government securities. USDC is available across various networks on OKX.

USDG is a USD-pegged stablecoin issued by Paxos Issuance Europe OY, regulated by the Finnish Financial Supervisory Authority (FIN-FSA) under MiCA. The issuer holds reserves at European banking partners to meet reserve requirements.