OKX Raises at $25B Valuation With StanChart, Circle Participating

The notable signal is the cap-table mix: a global bank and a stablecoin issuer backing a major exchange suggests tokenized-equity infrastructure is being treated as a distribution and settlement question, not just a crypto-native one. It matters most for venues competing to list tokenized US equities and for the US regulatory pathway, since OKX's product already exists but is walled off from American users. Whether the SEC innovation exemption translates into actual US access, and whether bank and stablecoin partners deepen their roles, is the open question.