Stablecoin Issuer Circle has teamed up with an OKX major cryptocurrency exchange to deepen the liquidity for the conversions of its stablecoin USDC with the US dollar.
OKX deploys USDC (USDC) conversions at zero costs with USD as part of a new partnership with Circle, companies announced in a joint declaration on Wednesday.
“The most important update is that users can now directly convert the USDC to USDC and return to the OKX platform, offering business and transparent and transparent experience,” said Cointelegraph, Circle Director of Circle, Kash Razzaghi.
According to OKX’s Director of Innovation, Jason Lau, improved USDC liquidity is based on partnerships and the Deep Bank compliance approach, which allow users to exchange the USD and the stablecoins “without any friction or fresh, for the first time”.
Friction in the exchange of Stablecoins and USD
Despite the increase in the adoption of stables, there are still many frictions, such as network transaction costs and the intermediation of the bank to exchange, according to Ashley Lannquist, former digital finance analyst in the International Monetary Fund.
On 23 total networks supported by USDC, OKX has 12 networks, in particular Ethereum, X Layer, Aptos, Arbitrum One, Avalanche C-Chain, Base, Optimism, Polygon, Polygon (USDC.E), Solana, Su and OKT Chain.
Although it does not affect network costs, the partnership between Circle and OKX aims to remove certain infrastructure challenges.
“Until this partnership with Circle, there have always been friction during the exchange between Stablecoins and the USD,” said Lau.
He referred to questions related to the depth of the command manual, trading costs and product design. “Users would see an exchange between the USD and stablecoins like any other asset exchange,” he said.
“Now, with this partnership with Circle, we have activated the conversions 1: 1 USD-USDC and integrated into banking partners to rationalize Fiat on and out of ramps so that retail and institutional users are able to benefit better,” said Lau.
OKX banking partnerships
In order to provide deeper USDC liquidity at its global user base of 60 million customers, OKX has worked with several partners in banking and payments.
“The main solutions on the OKX ramp is currently focusing on key partners such as Standard Chartered Bank, DBS, Bank Frick and Global Payment Solutions like Apple Pay and Paypal,” said Lau.
LAU has mentioned that improved USDC liquidity would be available for “any user who has access to the USD and USDC” in his OKX account.
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RazzAghi de Circle said that the new conversion capacities will be available on several OKX products and services, involving trading, sending and detention of the USDC.
OKX supports deep liquidity to Tether USDT
Although the expansion of liquidity for the USDC, OKX does not neglect the stable rivals of scaling, including Tether USDT (USDT), the largest stablecoin by market capitalization.
“OKX has long supported deep liquidity and access to stablecoins, in particular the USDT, which remains the most actively used stablecoin and the most exchanged on the platform, as evidenced by more than $ 330 million in daily volume for pairs like ETH / USDT,” said a spokesperson from OKX to Cointelegraph.
Beyond the USDT, OKX continues to work with several stablecoin issuers to improve liquidity, added the representative.
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