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OKX Discontinues Support for USDT Trading Pairs in EU
OKX has recently made significant changes to its cryptocurrency trading pairs involving Tether’s USDT stablecoin for users in the European Union (EU) and the European Economic Area (EEA).
Changes in Trading Pairs
Starting Monday, OKX’s platform now only supports spot crypto trading with USDC and euro pairs, while USDT can only be traded against USDC and euro, as reported by Bloomberg.
Reasons for the Change
The decision to discontinue USDT trading pairs in the EU was driven by OKX’s focus on euro-denominated liquidity in the region. The exchange aims to expand EURO pair liquidity and become the preferred venue for EURO to crypto spot trading.
Impact on Users
Although this change affects a small subset of OKX’s user base, the platform has expanded its product offering in the EEA with various Euro fiat onramps and Euro pairs.
Regulatory Challenges
OKX’s recent action may signal potential regulatory challenges for stablecoins in the region, especially with the upcoming implementation of the MiCA digital asset regulatory framework in the EU.
Tether’s Market Cap
In early March, Tether’s USDT surpassed a market capitalization of $100 billion, showing a growth of 9% year-to-date. Despite its success, concerns about the quality of assets backing USDT have been raised in the crypto space.
Response to Concerns
Tether has refuted claims regarding the quality of assets backing USDT, emphasizing its collaboration with law enforcement and the traceability of its token.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
