Circle and OKX Partner to Offer 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 strategic partnership aims to streamline the process of converting USD to USDC and vice versa, providing users with a seamless and transparent experience.

As part of this collaboration, OKX has introduced zero-fee conversions for USDC against USD. This initiative is designed to eliminate the friction typically associated with swapping stablecoins and USD, such as network transaction fees and bank-to-exchange intermediation. According to Circle’s chief business officer, Kash Razzaghi, users can now directly convert USD to USDC and back within the OKX platform, offering a more efficient on and off-ramping experience.

OKX’s chief innovation officer, Jason Lau, highlighted that the enhanced USDC liquidity builds on the exchange’s robust bank partnerships and compliance approach. This allows users to swap USD and stablecoins without any friction or fees for the first time. The partnership between Circle and OKX aims to address infrastructure challenges, making the conversion process more straightforward and user-friendly.

OKX supports 12 out of the 23 total networks backed by USDC, including Ethereum, X Layer, Aptos, Arbitrum One, Avalanche C-Chain, Base, Optimism, Polygon, Polygon (USDC.e), Solana, Sui, and OKT Chain. This extensive network support ensures that users have multiple options for converting and utilizing USDC.

Lau emphasized that the partnership with Circle has enabled 1:1 USD-to-USDC conversions and integrated with banking partners to streamline fiat on- and off-ramps. This integration benefits both retail and institutional users, providing them with a more efficient way to manage their stablecoin holdings.

To offer deeper USDC liquidity to its global user base of 60 million customers, OKX has been collaborating with multiple partners across banking and payments networks. Key partners include Standard Chartered Bank, DBS, Bank Frick, and global payment solutions like Apple Pay and PayPal. The upgraded USDC liquidity is available to any user with access to USD and USDC in their OKX account.

Circle’s Razzaghi noted that the new conversion capabilities will be available across multiple OKX products and services, including trading, sending, and holding USDC. This integration ensures that users have a comprehensive and seamless experience when dealing with USDC on the OKX platform.

While expanding liquidity for USDC, OKX continues to support deep liquidity for rival stablecoins, including Tether USDt (USDT), the largest stablecoin by market capitalization. OKX has long supported deep liquidity and access for stablecoins, particularly USDT, which remains the most actively used and traded stablecoin on the platform. Beyond USDT, OKX is working with multiple stablecoin issuers to improve liquidity, ensuring that users have a wide range of options for their stablecoin needs.