OKX Secures Circle and Ripple Backing for Stablecoin Expansion

OKX has secured strategic investments from Circle, Ripple, and Standard Chartered’s venture arm, SC Ventures, as it aims to expand its stablecoin-based financial services. The crypto exchange completed this round at a $25 billion pre-money valuation, matching its March valuation when Intercontinental Exchange (ICE) led a $200 million investment. OKX’s CEO, Star Xu, emphasized that the new investors were chosen for their strategic alignment rather than financial necessity, highlighting long-term goals in stablecoins, payments, and institutional markets.

The investment solidifies OKX’s ties with key players in the stablecoin ecosystem. Circle, the issuer of USDC, Ripple, which offers RLUSD, and Qube Research & Technologies (QRT), a major institutional liquidity provider, are now part of OKX’s cap table. Standard Chartered acts as custodian for BlackRock’s BUIDL tokenized Treasury fund, further integrating traditional finance with OKX’s platform.

OKX recently launched OKX Money, a standalone app designed to attract users beyond traditional crypto trading. The app allows customers to save, send, and spend stablecoins like USDG, USDC, and USDT, with features like global transfers, virtual or physical cards, and up to 10% annual returns on USDG balances. The service targets markets where currency volatility and banking access issues make dollar exposure valuable, with plans for gradual expansion.

The new investors stand to benefit from OKX’s growth in stablecoin adoption and institutional markets. Circle and Ripple aim for broader stablecoin distribution, QRT seeks deeper institutional engagement, and Standard Chartered expands its digital asset infrastructure. The success of this venture will depend on OKX’s ability to convert its infrastructure advantages and customer network into everyday financial activity, particularly among users new to crypto.