The exchange took strategic investment from Circle, Ripple, quant firm QRT and Standard Chartered's venture arm at a $25 billion pre-money valuation. None of them disclosed how much they put in.
Crypto · FinancialMarkets.com · October 6, 2026 · Tickers: CRCL, ICE, COIN, XRP
OKX's latest investors are companies it already does business with. Two of them compete with each other.
The crypto exchange said Tuesday it completed a strategic investment from Circle, the issuer of the USDC stablecoin; Ripple, which issues the RLUSD stablecoin; Qube Research & Technologies, a quantitative trading firm; and SC Ventures, the venture arm of Standard Chartered. The round was priced at a $25 billion pre-money valuation. OKX called it an extension of the round led earlier this year by Intercontinental Exchange, owner of the New York Stock Exchange.
The valuation
ICE invested about $200 million in March, at the same $25 billion valuation, and took a board seat. Seven months later, the price for new investors has not changed, even as OKX has expanded into tokenized stocks through a joint venture with ICE.
A flat valuation can be read two ways. It may reflect strategic investors buying in on the terms the lead investor set, which is common in an extension. It may also reflect limited demand to pay more.
The investors
Each investor has a commercial relationship with OKX. USDC and RLUSD both trade on the exchange. Standard Chartered serves as a custodian in crypto markets, including holding collateral for tokenized fund products.
Circle and Ripple taking equity in the same distribution venue shows how much stablecoin issuers value placement on large exchanges. A stablecoin's usefulness depends on where it can be spent and traded, and owning part of a major venue gives an issuer a seat at the table.
"The exchange was our starting point," OKX founder Star Xu said, describing the company's push beyond crypto trading.
Circle shares rose about 1.8% on Tuesday afternoon.
Three interpretations
One interpretation is strategic alignment ahead of OKX's tokenized-stock venture, which will need stablecoins for settlement, custody and market makers. A second is that the flat valuation signals muted demand at a higher price. A third is that stablecoin issuers are competing for distribution through equity stakes rather than only through commercial agreements.
Pending decisions
The OKX and ICE joint venture filed in early October to list token versions of 63 U.S. stocks, and companies on that list have 30 days to object before trading can begin. The number of objections, and which stablecoins dominate settlement once trading starts, will show what Circle and Ripple's stakes are buying.