Circle taps OKX to boost USDC liquidity with direct dollar ramps for over 60 million exchange users
Powered by ChatGPTStablecoin issuer Circle has partnered with crypto exchange OKX to make $USDC easier to buy, trade, and transfer across blockchains, the companies announced on Wednesday.
The agreement provides OKX’s more than 60 million global users with a one-to-one on and off-ramp between U.S. dollars and USDC. Customers will be able to convert dollars to the fully reserved stablecoin and redeem in the other direction through OKX's buy-and-sell portal.
The partnership intends to dramatically simplify global access to digital dollars and further integrate Circle's stablecoin into cryptocurrency platforms.
"Demand for $USDC continues from businesses and individuals eager to adopt this new form of high-utility and internet-based money," Circle co-founder and CEO Jeremy Allaire said in a statement. As part of the deal, the two companies will also run joint educational campaigns on stablecoins, targeting developers, traders, and everyday users.
Circle, which trades on the NYSE under the ticker CRCL, is pushing to enlarge $USDC’s footprint as Congress inches toward federal oversight of stablecoins. The company completed an initial public offering last month, quickly reaching a market valuation of over $51 billion, while $USDC’s circulating supply now exceeds $61 billion, according to The Block’s data dashboard.
$USDC’s issuer is also seeking a U.S. national banking license from the Office of the Comptroller, a regulatory nod that would allow Circle to custody its own stablecoin reserves.