Cryptocurrency spot and derivatives change OKX is rolling out new buying and selling pairs for the dollar-pegged USDC, the second-largest stablecoin by market cap.
In a press release, the Seychelles-based change says it will introduce six new spot buying and selling pairs for USDC on Monday.
“To help the expansion of the USDC ecosystem and meet our customers’ various buying and selling wants, OKX is introducing the next USDC buying and selling pairs in our spot buying and selling between 9:00 am and 9:30 am UTC on October 14, 2024: AEVO-USDC, ATH-USDC, CATI-USDC, ETHFI-USDC, JUP-USDC, ZETA-USDC.”
OKX is bolstering its help for USDC amid a barely weaker outlook for stablecoin issuers.
In a report revealed final month, index supplier CCData says the stablecoin business led by USDC, USDT, First Digital USD (FDUSD), PayPal USD (PYUSD) and TrueUSD (TUSD) will possible endure losses after the Federal Reserve determined to slash rates of interest for the primary time since March 2020.
Curiosity funds from authorities bonds are a significant income stream for the main stablecoin issuers on condition that US Treasury Payments account for a good portion of their reserves.
“With the highest 5 centralized stablecoins holding mixed US Treasury Payments of practically $125bn, accounting for practically 80.2% of their reserves, the latest Federal Reserve resolution to chop rates of interest for the primary time since March 2020 is ready to lead to $625mn in misplaced annual curiosity revenue for every 50 bps (foundation factors) lower.
Primarily based on their newest attestation experiences, Tether holds practically $93.2bn in US Treasury payments and repurchase agreements, which contributed to the vast majority of $5.2bn web revenue in H1 2024. The second largest stablecoin, USDC holds $28.7bn price of US Treasury payments by way of their Circle Reserve Fund, whereas FDUSD, PYUSD and TUSD maintain US Treasury belongings price $1.83bn, $634mn, $502mn respectively.”
At time of writing, the market cap of high stablecoins is hovering at $172.636 billion.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Examine Value Motion
Observe us on X, Fb and Telegram
Surf The Each day Hodl Combine
 
Disclaimer: Opinions expressed at The Each day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any losses you could incur are your duty. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in internet affiliate marketing.
Generated Picture: Midjourney