Circle, Ripple and Standard Chartered Back OKX at Flat $25B Valuation

A flat round is the real story here: Circle, Ripple, Standard Chartered and a London quant fund are re-underwriting OKX at the same $25 billion the NYSE's owner paid seven months ago, which signals strategic positioning across stablecoins, payments and exchange infrastructure rather than a repricing of the asset. The mix matters because it puts regulated financial institutions and stablecoin issuers on the same cap table as a major offshore exchange, blurring lines that have been contentious. Whether that flat mark holds in the next comparable round is the open question.