Stablecoin company Circle entered into a partnership on Wednesday with cryptocurrency exchange OKX in a bid to improve liquidity for USDC conversions into USD and vice versa, as per a company announcement on July 9th.
Under the new partnership, customers will be able to use USDC across all of OKX’s products and services. Users can make conversions between USDC and USD on a 1:1 basis. The joint venture will bridge USDC to over 60 million customers using OKX.
Circle CEO Jeremy Allaire said that demand for USDC continues to grow, especially with interest from businesses and individuals who want to adopt a new version of internet-based money.
OKX founder Star Xu said the company’s partnership with Circle is critical as it connects the platform’s customers to a stablecoin that leads the digital asset market in terms of market capitalization.
Apart from the USDC integration, Circle and OKX will also develop educational programs to inform customers about USDC and its potential benefits.
USDC is currently the world’s second-largest stablecoin by market capitalization, with Tether’s USDT occupying the top spot, according to CoinMarketCap.