Circle and OKX Launch Zero-Fee USDC Conversions to US Dollar

July 9, 2025 – Cryptocurrency exchange OKX has partnered with stablecoin issuer Circle to introduce zero-fee conversions between USDC and the US dollar, aiming to streamline stablecoin liquidity and improve fiat on- and off-ramp experiences for users worldwide.

The collaboration allows OKX users to directly convert USDC to USD and vice versa without fees, removing a key barrier that has historically added friction to stablecoin usage. The new service is available on 12 blockchain networks supported by OKX, including Ethereum, Solana, Arbitrum, and Avalanche.

Seamless Stablecoin Liquidity

“The most significant update is that users can now directly convert USD to USDC and back within the OKX platform, offering a seamless and transparent on and off-ramping experience,” said Kash Razzaghi, Circle’s chief business officer.

OKX’s chief innovation officer Jason Lau emphasized that the partnership eliminates trading fees and product design limitations that previously hindered stablecoin usability. “Now, we’ve enabled 1:1 USD-to-USDC conversions integrated with banking partners,” he said.

While the partnership does not impact network transaction fees, it addresses core infrastructure challenges such as orderbook depth and fiat accessibility, making it easier for users to move between traditional finance and digital assets.

Expanding OKX’s Banking Network

To deliver on its promise of frictionless USDC liquidity, OKX has strengthened partnerships with major banks and payment providers, including:

• Standard Chartered Bank
• DBS Bank
• Bank Frick
• Apple Pay and PayPal

The upgraded service is available to any user with access to USD or USDC in their OKX account and is integrated across multiple OKX products including trading, payments, and storage.

Extra Insight: Stablecoin Market Snapshot

• USDC Supply: As of July 2025, USDC’s circulating supply stands at approximately $33 billion, while Tether’s USDT remains the market leader with over $112 billion.
• OKX Trading Data: USDT pairs on OKX, such as ETH/USDT, record over $330 million in daily volume, highlighting Tether’s ongoing dominance despite Circle’s strategic push.
• Global Adoption: Stablecoins now account for more than 65% of all crypto trading volume, driven by their role in cross-border payments, DeFi, and institutional treasury management.

The OKX-Circle partnership could help USDC gain market share in Asia and other key regions where on-off ramps and fiat accessibility remain crucial for onboarding new users.