Cryptocurrency exchange OKX is expanding its support for the dollar-pegged stablecoin USDC by introducing six new trading pairs for USDC on Monday. The new pairs include AEVO-USDC, ATH-USDC, CATI-USDC, ETHFI-USDC, JUP-USDC, and ZETA-USDC, aimed at meeting the diverse trading needs of users.
The move comes as OKX aims to bolster its backing for USDC amidst a slightly weakened outlook for stablecoin issuers. A recent report by index provider CCData suggests that stablecoin issuers such as USDC, USDT, FDUSD, PYUSD, and TUSD may face losses following the Federal Reserve’s decision to cut interest rates for the first time since March 2020.
Stablecoin issuers rely on interest payments from government bonds, with US Treasury Bills playing a significant role in their reserves. The recent interest rate cuts by the Federal Reserve are expected to result in substantial losses for stablecoin issuers, impacting their annual interest income.
At present, the total market cap of the top stablecoins stands at $172.636 billion, highlighting the significant role these digital assets play in the broader cryptocurrency market.
As the cryptocurrency landscape continues to evolve, the introduction of new trading pairs for USDC by OKX demonstrates the exchange’s commitment to supporting the growth of stablecoins and meeting the evolving needs of its user base. Stay informed about the latest developments in the cryptocurrency space by subscribing to receive email alerts and following industry updates on social media platforms like Twitter, Facebook, and Telegram.
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