Circle and SC Ventures Back OKX at $25 Billion Valuation

The notable signal is who is on the cap table rather than the headline valuation: Circle's participation ties a major stablecoin issuer to a large exchange, while Ripple's presence puts two firms that compete in payments and settlement infrastructure on the same side of a deal. That kind of overlap between issuers, exchanges and infrastructure players is worth watching as the sector's ownership map consolidates. The open question is whether this clustering of strategic backers translates into concrete product or settlement integration, or remains passive balance-sheet exposure.