OKX $25 Billion Valuation: New Raise and Stablecoin App

OKX raised an undisclosed sum at a $25 billion valuation, backed by SC Ventures, Qube, Ripple and Circle, while launching a stablecoin savings app.

Without fanfare, OKX has wrapped up another funding round at an Okx $25 billion valuation, this time with backing from a blend of traditional finance and crypto-native investors. The exchange also introduced OKX Money, a stablecoin savings and payments app aimed at users across Latin America, Africa, South Asia and the Middle East. Taken together, the two steps reveal a platform working to resemble a full-stack financial company rather than a crypto exchange.

What happened with the OKX $25 billion valuation raise

This latest round builds on the funding revealed in March, when Intercontinental Exchange (ICE) — owner of the New York Stock Exchange — contributed about $200 million at the same Okx $25 billion valuation. This time OKX chose not to reveal the amount raised, though the roster of participants stands out: Standard Chartered's SC Ventures, Qube Research & Technologies, Ripple and Circle each joined in.

A Credit Suisse spinout, Qube already operates a crypto fund of about $1 billion. Thomas Eaton, a quantitative trading director there, described the investment as a long-term wager on digital assets and round-the-clock markets. Star Xu, OKX's founder and CEO, said the capital will help the company assemble a wider global fintech platform, merging crypto technology with the standards that global financial institutions demand.

Why the $25 billion valuation matters

A valuation is only a number until you look at what the company is doing with it. OKX is using its balance sheet and partnerships to push into two areas that regulators watch closely: tokenized securities and stablecoin-based consumer finance.

Let's begin with the tokenized stocks piece. OKXICE LLC — a joint venture uniting OKX and ICE — submitted a filing to the US Securities and Exchange Commission on Monday, aiming to open a platform for trading tokenized stocks. The venture wants the green light to list tokenized shares tied to 63 US public companies, among them Nvidia, Apple and Coca-Cola. Its path is the SEC's innovation exemption, rolled out in September, which permits qualifying venues to trade tokenized US equities on public blockchains without registering as national securities exchanges for as long as five years.

The exemption is no blanket permission. Only tokens conferring the same rights as ordinary shares — dividends and voting included — are covered, while synthetics that simply track a price are not. A limit also exists on how many stocks a venue may list, and issuers get 30 days to object when a third party seeks to tokenize their shares.

OKX Money is the other piece. Inside the app, users can fund accounts in over 50 supported currencies, with deposits converted into dollar-backed stablecoins. They may hold USDG, USDC or USDT, move funds around, and buy things using virtual or physical cards. Qualifying customers can receive up to 10% APY on eligible USDG balances, and no staking or lockup is needed.

Market reaction and the stablecoin yield question

There is no single price chart that captures a private funding round, but the stablecoin market does give us a reference point. USDT is trading at $0.999932, essentially flat over 24 hours with a +0.01% move, on $51.7 billion in volume and a $184.1 billion market cap. That level of stability is the baseline these products are built on.

Within OKX Money, the figure that draws more attention is the 10% APY. An OKX spokesperson noted that rates and eligibility differ depending on region and customer, and would not explain where the yield comes from. That silence deserves scrutiny. Anchor Protocol at one point paid as much as 20% on TerraUSD (UST); in May 2022 UST broke its peg, and both tokens went to zero.

Regulators, meanwhile, are making the rules stricter. Payment stablecoin issuers are barred from offering interest or yield under the US GENIUS Act. Under the EU's Markets in Crypto Assets Regulation, neither issuers nor crypto service providers may pay interest on single-currency stablecoins. That explains why OKX is launching country by country, with the applicable legal entity and regulatory regime differing across jurisdictions — and why it would not disclose its first launch markets.

What to watch next

The SEC filing. Whether OKXICE LLC wins approval to list tokenized stock in 63 companies, and which issuers object within the 30-day window, will shape how far the model spreads.
Yield disclosure. If OKX eventually explains how the 10% is generated — reserve income, loyalty rewards or something else — that will matter for how sustainable the product looks.
Cross-border flows. Chainalysis figures the companies cite indicate cross-border stablecoin flows climbed 77.5% to $220.3 billion over the 12 months through June 2026. Should that pattern persist, stablecoin savings and payment apps will continue to draw fresh competition.
The competition. Binance Pay, Coinbase One, and the Bybit Card and Savings product are already packaging stablecoins as consumer products. OKX is not entering an empty field.

FAQ

What is OKX's valuation after the new raise?

At an Okx $25 billion valuation — the same number attached to its March round — OKX raised an undisclosed sum. That earlier round drew roughly $200 million from Intercontinental Exchange. Participating this time were Standard Chartered's SC Ventures, Qube Research & Technologies, Ripple and Circle.

Why did OKX launch a stablecoin savings app?

As OKX tells it, the infrastructure was never built for hundreds of millions of people, leaving them unable to access dollar-denominated savings or spend easily around the world. With OKX Money, users can fund accounts in over 50 currencies, keep USDG, USDC or USDT, pay with cards, and earn as much as 10% APY on eligible USDG balances. The rollout is proceeding market by market across Latin America, Africa, South Asia and the Middle East.

How does the 10% APY on USDG work?

Qualifying customers can receive up to 10% APY on eligible USDG balances, and no staking or lockup is needed. An OKX spokesperson explained that customers reach a higher tier by meeting a 30-day average deposit threshold, exceeding a 30-day spending amount, or holding a higher Exchange VIP status. Rates and eligibility vary by region, and OKX would not discuss where the yield comes from.

What is the SEC innovation exemption and does it apply to OKXICE?

The exemption came in September, only days after the Clarity Act stalled in the Senate. It allows qualifying venues to trade tokenized US equities on public blockchains for as long as five years without registering as national securities exchanges. Its reach extends only to tokens granting the same rights as ordinary shares — dividends and voting among them — while leaving out synthetics that merely mirror a price. Within that framework, OKXICE LLC filed on Monday to sell tokenized stock in 63 US public companies.

Market snapshot

Prices at the time of writing (Oct 6, 2026 15:10 UTC).

USDT (USDT): $0.999932 — 24h +0.01%

OKX Hits $25 Billion Valuation in New Raise