The issuer of the USDC stablecoin, Circle, has partnered with crypto exchange OKX to improve liquidity and streamline the conversion between U.S. dollars and USDC, according to Cointelegraph. The new arrangement allows users to directly swap USD and USDC on a 1:1 basis with no fees.
OKX Banking Channels
According to Circle’s announcement, starting today, OKX users can exchange U.S. dollars for USDC and vice versa at a 1:1 ratio. The process is integrated into banking channels and is free of charge, removing friction for both deposits and withdrawals.
Jason Lau, Chief Innovation Officer at OKX, noted that the partnership builds on existing relationships with banks such as Standard Chartered, DBS, and Bank Frick, as well as payment providers like Apple Pay and PayPal. This enables OKX to offer free and instant fiat-to-stablecoin transactions to its 60 million customers worldwide.
12 Supported Networks and Infrastructure Challenges Solved
USDC is currently available across 23 blockchain networks, 12 of which are supported by OKX, including Ethereum, Arbitrum One, Solana, Optimism, Polygon, Aptos, and OKX’s own OKT Chain. While the partnership with Circle does not waive blockchain transaction fees, it eliminates other barriers such as shallow order books, trading fees, and product complexity.
Lau explained that previously, USDC conversions were treated like any other asset exchange. Now, with direct integration from Circle, users can handle USD and USDC as a single unified instrument without hidden costs.
OKX Still Prioritizes USDT
Despite the new focus on USDC, OKX is not reducing its support for other stablecoins. A platform spokesperson emphasized that USDT (Tether) remains the most widely used stablecoin, with daily trading volumes exceeding $330 million in the ETH/USDT pair. OKX continues to collaborate with various issuers to enhance liquidity and maintain competitive conditions in the stablecoin market.
Integration Will Extend Across All OKX Products
According to Circle’s Chief Commercial Officer, Kash Razzaghi, the new conversion system will be integrated across all OKX services—from trading to custody and transfers. Users with access to USD and USDC will benefit from improved liquidity across all products on the platform.
See Also:
- ZachXBT Accuses Circle of Ignoring Major Transfers From North Korea
- Circle’s IPO: Can the Stablecoin Giant Survive Public Scrutiny
- Forex Industry Pushes Back on Stablecoin Regulation to Protect Revenues
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