Circle Partners OKX for Zero-Fee USDC to USD Conversions

Circle, a prominent stablecoin issuer, has partnered with OKX, a leading cryptocurrency exchange, to introduce zero-fee conversions between USDC, Circle's stablecoin, and the U.S. dollar. This collaboration aims to simplify the process of moving money in and out of cryptocurrency for users. The integration allows OKX users to convert between USD and USDC directly on the platform without incurring any fees, a first in the industry according to the companies involved.

Kash Razzaghi, Circle’s Chief Business Officer, described the new feature as a “seamless and transparent on- and off-ramping experience.” This upgrade builds on OKX’s existing banking ties and compliance setup, enabling both retail and institutional users to swap between fiat and stablecoins with minimal friction.

While the zero-fee offering does not eliminate on-chain network fees, it addresses a common issue: the hidden costs and complexity of moving between cash and crypto. Previously, users had to navigate order books and trading spreads when switching between stablecoins and dollars. With this new integration, users can now enjoy 1:1 conversions and direct access to banking partners, making the process much simpler.

OKX’s extensive global network of banking and payment partners includes Standard Chartered, DBS, Bank Frick, Apple Pay, and PayPal. The exchange has confirmed that the new USDC liquidity is available to any user with access to both USD and USDC on the platform.

Circle’s stablecoin, USDC, operates on 23 blockchain networks, and OKX supports 12 of them, including Ethereum, Arbitrum, Solana, Base, and Polygon. This broad support enhances the usability and accessibility of USDC for a wide range of users.

Despite the focus on USDC, OKX is not neglecting its biggest stablecoin rival, Tether. A company spokesperson confirmed that OKX is also in talks with Tether, whose USDT remains the most traded stablecoin on the exchange. This indicates OKX’s commitment to providing a diverse range of stablecoin options for its users.

Circle has been actively working to increase the relevance of USDC in payments and remittances. Earlier this month, the company applied for a national banking license, which would bring it closer to traditional finance by allowing it to serve as a custodian for its own reserves and hold digital assets on behalf of institutional clients. This move is part of Circle’s broader strategy to integrate more deeply with the traditional financial system.

The application for a national banking license comes on the heels of Circle’s successful public debut, where shares surged 167% on the first day of trading. The IPO was 25 times oversubscribed, drawing heavy demand from both crypto-native and traditional investors. This strong market response underscores the growing interest in stablecoins and their potential to revolutionize the financial landscape.