OKX And Circle Team Up, Adding USDC Features To Wallet And DEX Aggregator

There is a lot of exciting news taking place in the crypto space these days, and below, we’ll address the ones involving the latest moves of OKX and Circle.

Circle, the issuer of stablecoin, has formed a partnership with crypto exchange OKX to introduce USDC functionalities to the OKX Wallet and OKX DEX aggregator.

According to the statements released by the two companies, OKX’s DEX aggregator will be merged with Circle’s Cross-Chain Transfer Protocol, enabling USDC cross-chain swaps across Ethereum, Avalanche, Arbitrum and OP Mainnet. Additionally, OKX Wallet Smart Account users will be exempted from transaction fees when trading with USDC until October 5th.

“OKX is committed to improving usability and accessibility for users in the web3 space, and now users have an even better experience as they interact and transact using USDC,” OKX Chief Innovation Officer Jason Lau said in a statement as per the online publication The Block. 

“In addition, users can conduct gas-free transactions without network fees using OKX Wallet’s recently launched Smart Account and seamlessly exchange USDC across various networks via the built-in swap feature,” he added.

One of the top cryptocurrency exchanges in the US, Coinbase, has made an investment in Circle, the issuer of stablecoin USD Coin (USDC). USDC was launched in 2018 as a collaboration between Coinbase and Circle, and since then, the asset has been managed by the Centre Consortium.

However, according to a recent announcement, Circle will now be in charge of all the governance and operational duties related to USDC, as revealed by Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire.

The CEOs reveal the following:

“The new structure will streamline the operations and governance, and enhance the direct accountability of Circle as the issuer, including holding all the smart contract keys, complying with regulations on the governance of reserves and enabling USDC on new blockchains.”

We suggest that you check out the previous article that we posted back in August in order to learn more details about this.