Circle Partners OKX for Zero-Fee USDC Conversions

Circle, a prominent stablecoin issuer, has joined forces with OKX, a leading cryptocurrency exchange, to enhance liquidity for conversions between its USDC stablecoin and the US dollar. This partnership introduces zero-fee USDC conversions, streamlining the process for users to switch between USD and USDC seamlessly within the OKX platform.

Kash Razzaghi, Circle’s chief business officer, highlighted the significance of this update, noting that users can now directly convert USD to USDC and vice versa, providing a transparent and efficient on and off-ramping experience. This development is part of a broader effort to reduce friction in stablecoin transactions, which often involve network transaction fees and intermediation between banks and exchanges.

Jason Lau, OKX’s chief innovation officer, emphasized that the enhanced USDC liquidity leverages OKX’s extensive bank partnerships and compliance measures. This allows users to swap USD and stablecoins without encountering fees or friction for the first time. The partnership aims to address infrastructure challenges, such as orderbook depth, trading fees, and product design, which previously complicated the process of converting between stablecoins and USD.

OKX has been collaborating with multiple banking and payment partners, including Standard Chartered Bank, DBS, Bank Frick, Apple Pay, and PayPal, to offer deeper USDC liquidity to its global user base. This upgraded liquidity is accessible to any user with USD and USDC in their OKX account, enhancing the overall user experience.

Circle’s new conversion capabilities will be integrated across various OKX products and services, including trading, sending, and holding USDC. This move is expected to make USDC more user-friendly and integrated into the broader financial ecosystem, aligning with Circle’s strategic transformation from a stablecoin issuer to an institutional financial entity.

While expanding liquidity for USDC, OKX continues to support deep liquidity for other stablecoins, including Tether USDt (USDT), the largest stablecoin by market capitalization. This commitment to multiple stablecoins underscores OKX’s dedication to improving liquidity and accessibility for its users.