Victoria, Seychelles, Saturday, October 19, 2024 – Cryptocurrency exchange OKX has announced the addition of six new spot trading pairs for USDC, the second-largest stablecoin by market cap.
The Seychelles-based platform aims to boost support for the USDC ecosystem amid evolving market dynamics.
Users were able to trade USDC against AEVO, ATH, CATI, ETHFI, JUP, and ZETA since October 14, 2024.
The new pairs are expected to provide users with greater trading flexibility and expand the stablecoin’s usage across various markets.
OKX’s move comes as the stablecoin industry faces potential challenges. A recent report by index provider CCData highlighted that stablecoin issuers, including USDC and Tether, could see reduced revenues following the Federal Reserve’s decision to cut interest rates for the first time since 2020. These cuts could significantly impact the income from interest payments on US Treasury Bills, which make up a large portion of stablecoin reserves.
With USDC currently holding $28.7 billion in US Treasury Bills, the interest rate cut may result in millions in lost annual income for stablecoin issuers, contributing to a weaker financial outlook.
Despite these challenges, OKX remains committed to enhancing USDC’s role in the market through its new offerings. At present, the total market capitalization of leading stablecoins stands at approximately $172.6 billion.
