OKX Backed by Circle, Ripple and QRT at $25B Valuation

The presence of Circle and Ripple on OKX's cap table is the telling detail: stablecoin and payment infrastructure players positioning around an exchange that is building tokenized equity trading with ICE. That combination points to a convergence of exchange infrastructure, tokenized real-world assets and settlement rails, rather than a simple growth-equity round. What matters next is whether OKX's tokenized stock plans advance beyond preparation, and whether these backers deepen their roles in that build.