Circle, Ripple, Standard Chartered Back Crypto Exchange OKX at $25B Valuation

Author: Crypffalo Research · 07:54 07/10/2026

OKX added Circle, Ripple, Standard Chartered's SC Ventures and quant firm QRT as strategic investors at a $25 billion valuation, and launched OKX Money, a stablecoin app aimed at emerging markets.

Circle, Ripple, Standard Chartered Back Crypto Exchange OKX at $25B Valuation

Crypto exchange OKX on Oct 6 brought in four new strategic investors: USDC issuer Circle, Ripple, SC Ventures — the venture arm of Standard Chartered — and quantitative trading firm Qube Research & Technologies (QRT). The investment was made at a $25 billion pre-money valuation, extending a round led in March 2026 by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. On the same day, OKX launched OKX Money, an app that converts more than 50 local currencies into dollar-backed stablecoins.

Key takeaways

New investors: Circle, Ripple, SC Ventures (Standard Chartered) and QRT; individual amounts were not disclosed.
The valuation is unchanged at $25 billion from March, when ICE invested roughly $200 million.
OKX Money supports USDC, USDT and USDG, accepts funding in 50+ currencies and offers cards with no FX markup.
Eligible USDG balances can earn up to 10% APY, with an initial rollout in select emerging markets.
OKX says it is evolving from a crypto exchange into a global financial technology platform.

Why this investor lineup matters

The headline here is not the dollar amount, which remains undisclosed, but what each backer brings to OKX's stack. Circle issues USDC, which is already integrated across the exchange and OKX's X Layer network. Ripple has plugged its RLUSD stablecoin into OKX's unified order book. QRT is a major institutional liquidity provider. Standard Chartered serves as custodian for BlackRock's BUIDL tokenized Treasury fund and is part of OKX's institutional collateral framework.

In short, OKX is pulling stablecoin issuers, payments rails, market makers and a global custody bank into one orbit. Founder and CEO Star Xu said the company did not raise because it needed capital, but to bring in strategic partners aligned on stablecoins and financial infrastructure. The exchange, he said, was the starting point; the goal is to let customers hold, spend, invest and grow their money on one platform.

OKX Money and the emerging-market stablecoin race

OKX Money targets everyday users with savings, transfers and card payments in a single app. Users fund accounts in local currency, convert into USDC, USDT or USDG, and spend via virtual or physical cards without foreign-exchange markups. According to CryptoSlate, the app also offers up to 10% cashback on eligible card purchases, and around 70% of its intended users have never used a crypto app.

The focus regions are Latin America, Africa, South Asia and the Middle East — markets where local currencies are volatile or banking access is limited. That is exactly where exchanges and stablecoin issuers are now competing hardest, since demand for "digital dollars" there is real. The up-to-10% yield on USDG is eye-catching, but it is a promotional rate with eligibility conditions rather than a fixed return.

The ICE link and tokenized stocks

The round deepens OKX's relationship with ICE, which invested about $200 million in March. The two are working on 24/7 trading of tokenized U.S. equities; CoinDesk reports the venture has filed for SEC approval of a venue offering tokenized shares of 63 U.S. companies that keep dividend and voting rights. OKX also supplies spot crypto pricing for ICE's regulated futures products. Macquarie analysts, cited by CoinDesk, expect early adoption to skew toward retail rather than institutions, citing regulatory uncertainty and integration costs.

Context matters too: in 2025, an OKX entity pleaded guilty in the U.S. to operating an unlicensed money-transmitting business and agreed to pay more than $504 million in penalties and forfeiture. Names like Standard Chartered and ICE signing on suggests OKX has made meaningful progress in rebuilding its compliance profile.

What it means for crypto markets

The deal is unlikely to move bitcoin in the short term. Markets remain range-bound, with BTC trading around $85,500 per CoinDesk, while U.S. spot bitcoin ETFs saw $89.8 million in net outflows on Oct 5 and a near-flat $3.2 million outflow on Oct 6, according to Farside.

On the constructive side, a global bank, two stablecoin issuers and the NYSE's parent all backing one exchange reinforces the convergence of crypto and traditional finance, and pushing stablecoins to first-time users could widen the industry's user base over time. On the risk side, high-yield stablecoin products tend to draw regulatory scrutiny, tokenized stocks still await SEC sign-off, and a flat $25 billion valuation since March shows investors are not yet paying a premium despite the market's recovery.

What to watch next

FOMC minutes due Oct 7 at 2:00 p.m. ET — the nearest macro catalyst for risk assets.
Any SEC response to the OKX–ICE tokenized stock venue filing.
How quickly OKX Money expands and the fine print on USDG yield eligibility.
U.S. CPI on Oct 14 and the Fed meeting on Oct 27–28; see our economic calendar and track leverage flushes on real-time liquidations.

Frequently Asked Questions

How much did OKX raise in this round?

OKX did not disclose individual amounts. Only the $25 billion pre-money valuation was confirmed; ICE invested roughly $200 million in March.

Where is OKX Money available?

The rollout is gradual, prioritizing Latin America, Africa, South Asia and the Middle East. A full country list has not been published, so users should check OKX's official channels.

Will this news push OKB or bitcoin higher right away?

There is no basis to assume so. This is a structural story about the industry's direction rather than a short-term price catalyst.

*This content is for information only and is not financial advice.*

Tags: OKX, Stablecoins, Circle, Ripple, Funding

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