Cryptocurrency exchange OKX has entered into a strategic partnership with Circle, the issuer of the USD Coin (USDC) stablecoin, to enable zero-fee and 1:1 conversions between USDC and US dollars.
This collaboration aims to significantly streamline fiat-to-stablecoin transactions, reduce barriers for users, and enhance overall market liquidity. Users can now convert between USDC and USD on the OKX platform without incurring transaction fees.
OKX integrates with 12 of the 23 blockchain networks currently supporting USDC, providing users flexibility in accessing the stablecoin. The exchange has also established connections with traditional financial institutions including DBS and Bank Frick, alongside integration with popular payment platforms like Apple Pay and PayPal.
The initiative targets improved accessibility for OKX’s extensive user base, exceeding 60 million customers globally. Simultaneously, OKX maintains substantial liquidity for Tether USDt (USDT), supporting daily trading volumes surpassing $330 million for major pairs, notably ETH/USDT.
This partnership is anticipated to bolster USDC’s market position within the competitive stablecoin landscape and contribute to accelerating the broader global adoption of cryptocurrency and digital dollar solutions through enhanced user experience and reduced friction.