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.