Cryptocurrency spot and derivatives exchange OKX is introducing new trading pairs for the dollar-pegged USDC, the second-largest stablecoin by market capitalization.
In a statement, the Seychelles-based exchange said say it will introduce six new spot trading pairs for USDC on Monday.
“To support the growth of the USDC ecosystem and meet the diverse trading needs of our users, OKX is introducing the following USDC trading pairs to our spot trading 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 strengthens its support for USDC amid slightly weaker outlook for stablecoin issuers.
In a report published last month, index provider CCData said the stablecoin industry led by USDC, USDT, First Digital USD (FDUSD), PayPal USD (PYUSD) and TrueUSD (TUSD) is likely to suffer losses after the Federal Reserve decided to cut interest rates decrease. for the first time since March 2020.
Interest payments on government bonds are an important revenue stream for leading countries stablecoin issuers as US government bonds make up a significant portion of their reserves.
“With the top five centralized stablecoins collectively holding nearly $125 billion worth of US Treasuries, accounting for nearly 80.2% of their reserves, the Federal Reserve’s recent decision to cut interest rates to expected to result in $625 million in revenue. lost annual interest income for each 50 basis point (basis points) reduction.
Based on their latest attestation reports, Tether owns nearly $93.2 billion in US Treasuries and repurchases, which contributed to the majority of its $5.2 billion net profit in the first half of 2024. USDC, the second largest stablecoin, owns $28.7 billion in U.S. government bonds through their website. Circle Reserve Fund, while FDUSD, PYUSD and TUSD hold U.S. Treasury bonds worth $1.83 billion, $634 million and $502 million, respectively.”
At the time of writing, the market cap of the top stablecoins hovers at $172.636 billion.
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