OKX Expands Trading Options with New USDC Pairs

Crypto exchange OKX is set to enhance its offerings by launching six new trading pairs for USDC, the second-largest stablecoin by market capitalization.

This expansion will occur today, October 14, featuring pairs such as AEVO-USDC, ATH-USDC, CATI-USDC, ETHFI-USDC, JUP-USDC, and ZETA-USDC.

This move comes amid a less favorable outlook for stablecoin providers. A recent CCData report suggested that the stablecoin sector, including USDC and others like USDT and TUSD, may face difficulties following the Federal Reserve’s first interest rate cut since March 2020.

With nearly 80.2% of their reserves in US Treasury Bills, these stablecoins could experience a significant annual loss in interest income—approximately $625 million for every 50 basis point reduction.

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Tether, for instance, holds around $93.2 billion in US Treasury Bills and related agreements, which contributed to a $5.2 billion net profit in the first half of 2024. In comparison, USDC has $28.7 billion in Treasury Bills via its Circle Reserve Fund, while FDUSD, PYUSD, and TUSD collectively manage Treasury assets totaling around $3 billion.

Alexander Zdravkov