Cryptocurrency spot and derivatives exchange OKX is rolling out a new trading pair for the dollar-pegged USDC, the second-largest stablecoin by market capitalization.
The Seychelles-based exchange said in a statement that it plans to introduce six new spot trading pairs to USDC on Monday.
“In order to support the growth of the USDC ecosystem and meet the diverse trading needs of our users, OKX will offer spot trading on October 14, 2024 from 9:00 a.m. to 9:30 a.m. (UTC) with the following USDC Introducing trading pairs: AEVO-USDC, ATH-USDC, CATI-USDC, ETHFI-USDC, JUP-USDC, ZETA-USDC.
OKX is increasing its support for USDC as the outlook for stablecoin issuers weakens somewhat.
In a report published last month, index provider CCData said that the stablecoin industry, led by USDC, USDT, First Digital USD (FDUSD), PayPal USD (PYUSD), and TrueUSD (TUSD), is expected to continue to grow as the Federal Reserve increases interest rates. It said it was likely to incur losses after deciding to lower its prices. First time since March 2020.
Interest payments from government bonds are a major source of income for major stablecoin issuers, given that U.S. Treasury bills make up a significant portion of their reserves.
“The top five centralized stablecoins collectively hold close to $125 billion in U.S. Treasury bills, accounting for nearly 80.2% of their reserves, and the recent interest rate cut, the first since March 2020, The Federal Reserve’s decision would result in a loss of $625 million.”Each 50 basis points (basis points) reduction would result in a loss of annual interest income.
According to its latest certification report, Tether holds nearly $93.2 billion in U.S. Treasuries and repurchase contracts, which contributed the bulk of its $5.2 billion net profit in the first half of 2024. USDC, the second largest stablecoin, holds $28.7 billion worth of US Treasuries through their trades. The Circle Reserve Fund holds U.S. Treasury assets worth $1.83 billion, $634 million, and $502 million in FDUSD, PYUSD, and TUSD, respectively. ”
At the time of writing, the market capitalization of top stablecoins remains at $172,636 million.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me ×Facebook and Telegram
Surf the Daily Hoddle Mix
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
