Circle Partners With OKX To Expand UDSC Liquidity Versus USD
The post Circle Partners With OKX To Expand UDSC Liquidity Versus USD appeared on BitcoinEthereumNews.com. Stablecoin issuer Circle has partnered with major cryptocurrency exchange OKX to deepen liquidity for conversions of its USDC stablecoin with the US dollar. OKX is rolling out zero-fee USDC (USDC) conversions with USD as part of a new partnership with Circle, the companies announced in a joint statement on Wednesday. “The most significant update is that users can now directly convert USD to USDC and back within the OKX platform, offering a seamless and transparent on and off-ramping experience,” Circle’s chief business officer Kash Razzaghi told Cointelegraph. According to OKX’s chief innovation officer Jason Lau, the upgraded USDC liquidity builds on OKX’s deep bank partnerships and compliance approach, which allow users to swap USD and stablecoins “without any friction or fees, for the first time.” Friction in swapping stablecoins and USD Despite rising stablecoin adoption, there are still many frictions, such as network transaction fees and bank-to-exchange intermediation, according to Ashley Lannquist, a former digital finance analyst at the International Monetary Fund. Out of 23 total networks supported by USDC, OKX features 12 networks, including Ethereum, X Layer, Aptos, Arbitrum One, Avalanche C-Chain, Base, Optimism, Polygon, Polygon (USDC.e), Solana, Sui and OKT Chain. While not affecting network fees, the partnership between Circle and OKX aims to remove some infrastructure challenges. The top four USDC networks out of the total 23 supported networks as of Wednesday. Source: Circle “Until this partnership with Circle, there was always some friction when swapping between stablecoins and USD,” Lau said. He referred to issues related to orderbook depth, trading fees and product design. “Users would see a swap between USD and stablecoins much like any other asset swap,” he said. “Now, with this partnership with Circle, we’ve enabled 1:1 USD-to-USDC conversions and integrated with banking partners to streamline fiat on- and off-ramps so that both…
The post Circle Partners With OKX To Expand UDSC Liquidity Versus USD appeared on BitcoinEthereumNews.com.
Stablecoin issuer Circle has partnered with major cryptocurrency exchange OKX to deepen liquidity for conversions of its USDC stablecoin with the US dollar. OKX is rolling out zero-fee USDC (USDC) conversions with USD as part of a new partnership with Circle, the companies announced in a joint statement on Wednesday. “The most significant update is that users can now directly convert USD to USDC and back within the OKX platform, offering a seamless and transparent on and off-ramping experience,” Circle’s chief business officer Kash Razzaghi told Cointelegraph. According to OKX’s chief innovation officer Jason Lau, the upgraded USDC liquidity builds on OKX’s deep bank partnerships and compliance approach, which allow users to swap USD and stablecoins “without any friction or fees, for the first time.” Friction in swapping stablecoins and USD Despite rising stablecoin adoption, there are still many frictions, such as network transaction fees and bank-to-exchange intermediation, according to Ashley Lannquist, a former digital finance analyst at the International Monetary Fund. Out of 23 total networks supported by USDC, OKX features 12 networks, including Ethereum, X Layer, Aptos, Arbitrum One, Avalanche C-Chain, Base, Optimism, Polygon, Polygon (USDC.e), Solana, Sui and OKT Chain. While not affecting network fees, the partnership between Circle and OKX aims to remove some infrastructure challenges. The top four USDC networks out of the total 23 supported networks as of Wednesday. Source: Circle “Until this partnership with Circle, there was always some friction when swapping between stablecoins and USD,” Lau said. He referred to issues related to orderbook depth, trading fees and product design. “Users would see a swap between USD and stablecoins much like any other asset swap,” he said. “Now, with this partnership with Circle, we’ve enabled 1:1 USD-to-USDC conversions and integrated with banking partners to streamline fiat on- and off-ramps so that both…
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