Circle has announced a new partnership with cryptocurrency exchange OKX aimed at improving liquidity for conversions of its USDC stablecoin to the US dollar. This collaboration will allow users to exchange USDC without any fees.
Circle and OKX Partnership
Circle and OKX have announced a partnership aimed at enhancing liquidity for the conversion of their stablecoin USDC to US dollars. This collaboration will enable users to swap dollars for USDC and back directly, providing a more convenient platform experience, as stated by Kash Razzaghi, Circle's chief business officer.
Benefits of Zero Fees
According to Jason Lau, OKX's chief innovation officer, users can now swap USD and stablecoins without incurring any additional costs. This is relevant given the rising popularity of stablecoins that face issues such as transaction fees and insufficient liquidity, as noted by Ashley Lannquist, a former analyst at the International Monetary Fund. Lau added that the new partnership would streamline processes for around 12 networks supported by USDC.
OKX's Banking Partnerships
To enhance USDC liquidity for its user base, OKX is forming partnerships with various banks and payment networks, including Standard Chartered Bank and DBS. These accessibility improvements are expected to be available for all users who have access to USD and USDC in their accounts on OKX.
The partnership between Circle and OKX opens up new opportunities for users, simplifying the exchange of USDC to US dollars and enhancing liquidity on the platform. This is a step towards a more transparent and accessible market for both retail and institutional investors.
