KEY POINTS
OKX has reportedly transitioned its spot cryptocurrency trading services to only provide USDC and euro pairings. This strategic decision is driven by a focus on boosting euro-denominated liquidity.
The Decision-making Process
The change was first noticed when a trader reported the update, following a response from customer support that mentioned compliance with regulations and the security of the platform. An OKX spokesperson further explained that the pivot towards euro liquidity was a key factor in their decision-making process.
The exchange has set a goal to enhance liquidity for euro pairs and become the leading choice for euro-crypto spot trading within the year. After careful evaluation, they decided to discontinue the existing USDT pairs, affecting a small portion of their clientele.
Furthermore, OKX has broadened its services in the European Economic Area (EEA) by introducing fresh Euro fiat on-ramps and currency pairs. Users in the EEA can still access USDT for deposits, withdrawals, and over-the-counter (OTC) trading, enabling them to engage in buying, selling, and exchanging operations.
USDT’s Valuation
With a valuation of $100 billion, USDT stands as the top stablecoin by trading volume and plays a crucial role in cryptocurrency trading on centralized exchanges, especially as the most traded pair with bitcoin (BTC) and other digital currencies.
The recent actions by the cryptocurrency exchange may signal upcoming regulatory challenges for USDT within the region, especially as the European Union is preparing to roll out its extensive digital asset regulatory framework, known as MiCA, later in the year.
