Ripple and Circle backs OKX as it targets the next wave of stablecoin users

Crypto exchange OKX has expanded its cap table by welcoming venture arms and firms including Circle, Ripple, and Standard Chartered as it steps up its development of stablecoin-financial services.

On Oct. 6, Chief Executive Officer Star Xu verified that the platform successfully closed a strategic investment round featuring Circle, Qube Research & Technologies, Ripple, and Standard Chartered’s SC Ventures. The transaction maintained a $25 billion pre-money valuation, effectively building upon a previous March funding round led by New York Stock Exchange parent Intercontinental Exchange (ICE). The exact monetary amount raised in this recent deal was not disclosed by OKX.

The valuation remained steady compared to March, when ICE contributed roughly $200 million. Instead of altering the valuation, this new financing phase brings in shareholders whose operational footprints align closely with OKX’s ongoing push into stablecoins, institutional liquidity, tokenized assets, and payments.

Xu noted that the platform selected these new financial backers based on strategic synergy rather than out of any immediate capital requirements, highlighting broader, long-term goals spanning payments and digital financial infrastructure.

He stated:

“We didn’t raise capital because we needed it. We chose to bring in strategic partners who share our long-term vision for stablecoins, payments, institutional markets, and the next generation of financial infrastructure.”

Stablecoin firms move onto OKX’s cap table

This roster of investors establishes tighter operational bonds with entities already supplying backend support across the OKX ecosystem.

Circle issues the USDC stablecoin, which is fully integrated throughout the platform. Meanwhile, Ripple’s RLUSD stablecoin is accessible via the exchange’s unified order book. QRT acts as a prominent institutional counterparty supplying essential risk capacity and liquidity. Standard Chartered serves as the custodian for BlackRock’s BUIDL tokenized Treasury fund, which is utilized in an institutional collateral framework built in partnership with OKX.

These connections elevate the fundraising effort beyond a standard cash injection. Ripple remarked that the investment could foster deeper collaboration across payments, institutional markets, and stablecoins. Similarly, Circle CEO Jeremy Allaire characterized the deal as a natural extension of the partners’ existing work regarding USDC and onchain market infrastructure.

QRT’s involvement introduces an advanced institutional trading element. The quantitative investment firm already collaborates with OKX on market development and liquidity, while SC Ventures grants the exchange an additional bridge to a traditional global bank amidst a broader race among crypto firms to bridge conventional financial assets with blockchain payment rails.

The makeup of the round also sheds light on why OKX welcomed new participants without demanding an elevated valuation merely seven months after ICE’s investment. The enterprise is deliberately incorporating collaborators positioned across various tiers of its targeted financial stack—ranging from stablecoin minting and custody to liquidity management and payments.

OKX Money targets users beyond crypto trading

That strategic expansion officially entered consumer payments with the debut of OKX Money, a standalone application engineered to allow clients to save, send, and spend dollar-pegged stablecoins.

According to the company, participants in supported regions can fund their accounts utilizing more than 50 distinct currencies while holding USDG, USDT, or USDC.

The application merges stablecoin holdings with global money transfers along with physical and virtual cards. OKX emphasizes that it levies no conversion markups or foreign-exchange fees when users execute transactions in alternative currencies.

Qualifying clients can also generate up to 10% in annualized yields on eligible USDG balances without undergoing lockups or staking requirements. Furthermore, a built-in loyalty scheme delivers up to 10% in cashback rewards on eligible card transactions. Feature sets, yields, and availability remain dependent on geographic market and individual customer qualifications.

The anticipated demographic reaches far beyond pre-existing exchange patrons. OKX revealed that approximately 70% of the individuals it hopes to attract via the Money application have never previously interacted with a cryptocurrency tool, leading the firm to abstract away the underlying blockchain architecture from the primary user interface.

This positioning introduces OKX to a distinctly different competitive landscape than the exchange operations that originally forged its global user base. Fintech entities, digital asset platforms, and stablecoin issuers are increasingly vying for everyday consumers seeking dollar exposure, card payments, and cross-border remittances without necessarily wishing to trade speculative virtual assets.

Initially, OKX is prioritizing select markets where limited banking access, currency devaluation, and high foreign-exchange expenses complicate the holding and spending of U.S. dollars. The company indicated it will roll out the offering progressively rather than deploying it instantly across all 30-plus regulatory jurisdictions where it maintains operations.

The ultimate commercial test will evaluate whether OKX can effectively leverage its infrastructure advantages and massive existing customer base to spark daily financial routines. Attracting consumers completely unfamiliar with crypto demands entirely different customer service, compliance, and distribution playbooks than operating a spot trading venue.

This hurdle concurrently raises the stakes for the incoming backers. While Circle and Ripple seek wider stablecoin dissemination, QRT stands to gain from healthier institutional markets, and Standard Chartered deepens its footprint in digital asset infrastructure. OKX must now prove these strategic alliances can successfully drive adoption rates and payment volumes far past the trading activity that initially defined the exchange.

?Frequently Asked Questions

01What is OKX Money?

OKX Money is a standalone mobile application designed to help users save, send, and spend dollar-backed stablecoins (such as USDG, USDC, and USDT) with features like global transfers and virtual or physical cards, targeting users who may not have prior crypto experience.

02Who participated in OKX’s latest strategic funding round?

The strategic investment round included Circle, Ripple, Qube Research & Technologies (QRT), and SC Ventures (the venture arm of Standard Chartered), building upon an earlier March round led by Intercontinental Exchange (ICE).

03What is the valuation of OKX following this investment?

The recent transaction maintained OKX’s pre-money valuation at $25 billion, matching the valuation established during the March funding round.

04Why did OKX bring in these specific investors?

Rather than seeking capital for financial necessity, OKX brought in these partners for their strategic alignment across stablecoin issuance, custody, liquidity, payments, and the next generation of financial infrastructure.