Crypto Exchange OKX Moves To Support USDC Ecosystem by Adding Six New Trading Pairs

Cryptocurrency spot and derivatives alternate OKX is introducing new buying and selling pairs for the dollar-pegged USDC, the second-largest stablecoin by market capitalization.

In an announcement, the Seychelles-based alternate mentioned say it would introduce six new spot buying and selling pairs for USDC on Monday.

“To help the expansion of the USDC ecosystem and meet the varied buying and selling wants of our customers, OKX is introducing the next USDC buying and selling pairs to our spot buying and selling between 9:00 AM and 9:30 AM UTC on October 14, 2024: AEVO-USDC, ATH- USDC, CATI-USDC, ETHFI-USDC, JUP-USDC, ZETA-USDC.”

OKX strengthens its help for USDC amid barely weaker outlook for stablecoin issuers.

In a report revealed final month, index supplier CCData mentioned the stablecoin trade led by USDC, USDT, First Digital USD (FDUSD), PayPal USD (PYUSD) and TrueUSD (TUSD) is more likely to endure losses after the Federal Reserve determined to chop rates of interest lower. for the primary time since March 2020.

Curiosity funds on authorities bonds are an necessary income stream for main nations stablecoin issuers as US authorities bonds make up a good portion of their reserves.

“With the highest 5 centralized stablecoins collectively holding practically $125 billion price of US Treasuries, accounting for practically 80.2% of their reserves, the Federal Reserve’s latest determination to chop rates of interest to anticipated to lead to $625 million in income. misplaced annual curiosity earnings for each 50 foundation factors (foundation factors) discount.

Primarily based on their newest attestation studies, Tether owns practically $93.2 billion in US Treasuries and repurchases, which contributed to nearly all of its $5.2 billion internet revenue within the first half of 2024. USDC, the second largest stablecoin, owns $28.7 billion in U.S. authorities bonds by their web site. Circle Reserve Fund, whereas FDUSD, PYUSD and TUSD maintain U.S. Treasury bonds price $1.83 billion, $634 million and $502 million, respectively.”

On the time of writing, the market cap of the highest stablecoins hovers at $172.636 billion.

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