- OKX has added support for multiple USDC spot trading pairs
- New pairs include ZK, LITH, ZERO, ZRO, XNO, ONDO and LQTY
Cryptocurrency exchange OKX announced support for spot trading of several tokens against the USDC stablecoin. According to the exchange’s announcement, OKX has added USDC trading pairs for ZK, LITH, ZERO, ZRO, XNO, ONDO and LQTY, among others. Trading for these USDC pairs will begin on August 29, 2024, with the tokens being listed between 06:00 and 08:30 UTC.
OKX told users: “To support the growth of the USDC ecosystem and meet the diverse trading needs of our users, OKX will introduce the following USDC spot trading pairs between 06:00 and 08:30 UTC on August 29, 2024: CFG/USDC, XNO/USDC, LITH/USDC, ZK/USDC, LQTY/USDC, ZERO/USDC, ZRO/USDC, ONDO/USDC and G/USDC.”
Notable projects added to the USDC spot market on OKX include zkSync (ZK), Ondo (ONDO) and LayerZero (ZRO). Earlier this month the exchange also added USDC pairs for tokens such as Basic Attention Token, Balancer, Moonriver, Ampleforth Governance, wrapped Bitcoin and Alchemix.
In addition to these listings, OKX recently introduced USDC, USDT, Bitcoin and Ethereum trading pairs against the Australian dollar (AUD), further expanding fiat and stablecoin options for its customers in Australia.
USDC stablecoin
USDC is a dollar-pegged stablecoin designed to maintain a 1:1 exchange rate with the U.S. dollar. Its reserves are held by established financial institutions to support its peg. According to the issuer Circle, the current circulating supply of USDC stands at approximately $34.6 billion, while total reserves amount to about $34.8 billion.
Circle reports that reserves include roughly $4.2 billion in cash and $30.6 billion in the Circle Reserve Fund, a money market fund registered with the U.S. Securities and Exchange Commission. The reserve fund’s portfolio consists of short-term U.S. Treasury securities, overnight repurchase agreements backed by U.S. Treasuries, and cash, which together are intended to preserve liquidity and maintain the 1:1 dollar backing for USDC.