Circle and OKX Partner to Launch Zero-Fee USDC Swaps
In a significant advancement for the cryptocurrency space, Circle has partnered with OKX to launch zero-fee swappage between market-leading stablecoin USDC and the US dollar. The initiative is designed to boost liquidity and facilitate easy exchange of USD and USDC for OKX’s international users.
Seamless On-and-Off Ramp Experience
The partnership is an interruption-free and smooth experience for users wishing to convert US dollars to USDC and USDC to US dollars directly on the OKX platform. This is a crypto game-changer, as Circle’s Chief Business Officer Kash Razzaghi attests.
“It’s a transparent and interruption-free on-and-off-ramping process which removes the friction one would anticipate from such trades,” Razzaghi explained.
Removing Friction in Stablecoin Swaps
Usage of stablecoins has grown exponentially, yet several challenges remain, such as transaction fees and intermediation between exchanges and banks. OKX Chief Innovation Officer Jason Lau pointed out that these would be alleviated with the new partnership.
“Previously, there was always some resistance when exchanging between stablecoins and USD,” Lau explained, citing typical hurdles such as orderbook depth and trading fees. The users will now see smooth 1:1 USD-to-USDC swaps, making the process more convenient.
OKX’s Comprehensive Banking Partnerships
OKX’s success in offering free conversions is also thanks to its established banking relationships. The exchange enjoys collaborations with global banks such as Standard Chartered, DBS, and Bank Frick, as well as payments giants such as Apple Pay and PayPal.
Thanks to these collaborations, OKX can now provide increased liquidity for USDC and allow users to trade, send, and hold the stablecoin effortlessly.
A New Era for USDC Liquidity
With over 60 million users across the globe, OKX is boosting liquidity of USDC on 12 networks including Ethereum, Solana, and Polygon. This action forms the core of OKX’s vision of delivering class-leading services to its retail and institutional customers.
However, OKX is not resting on its USDC laurels. The platform also serves the liquidity needs of rival stablecoins, such as Tether’s USDT, and is developing further partnerships with Tether in an effort to diversify its portfolio.
