OKX Europe introduces LYUSDC, a new way to represent USDC in DeFi Earn
Starting 5 October 2026, 10:00 UTC, OKX Europe will begin offering LYUSDC, or OKX Liquid Yield USDC, to represent USDC DeFi Earn positions through OKX in the EEA region.If you already have USDC in DeFi Earn with OKX, your underlying position will not change. On 5 October 2026, 10:00 UTC, you will receive LYUSDC in your account at a 1:1 ratio, matching the amount of USDC you have in DeFi Earn.
There is no need to unstake, restake, or take any action. Your rewards continue without interruption. LYUSDC simply gives you an in-platform token that represents your USDC DeFi Earn position and can unlock certain on-platform uses.
What’s changing
Your existing USDC DeFi Earn position will be represented by LYUSDC, issued automatically at 1:1.
Rewards will continue accruing. Going forward, USDC DeFi Earn rewards will be automatically restaked into DeFi Earn, and you will receive additional LYUSDC daily to represent those rewards at 1:1.
Each unit of LYUSDC represents staked USDC and is redeemable 1:1 for USDC, subject to protocol and redemption conditions.
The underlying DeFi vault will migrate from Spark USDC on Ethereum to Spark USDC on X Layer. This is expected to keep the same reward rate while reducing the redemption period from up to one day to a few hours.
The existing Spark USDC on Ethereum vault will be discontinued. Your position will automatically migrate to Spark USDC on X Layer on 14 October 2026, 10:00 UTC.
About LYUSDC
LYUSDC is OKX Europe’s in-platform token representing USDC staked in DeFi Earn through OKX. When you add USDC to DeFi Earn, you receive LYUSDC at 1:1. Rewards generated by the underlying DeFi protocol are credited to your balance as additional LYUSDC, while your USDC remains in DeFi Earn.LYUSDC is recorded in your OKX account.
What you can do with LYUSDC in the EEA region
Earn from staked assets
DeFi rewards are credited daily to your balance as additional LYUSDC while you hold.
Redeem
You can redeem LYUSDC back to USDC at 1:1 at any time. Fast redemption is available up to a daily limit. Amounts above that limit are processed through standard on-chain redemption, which depends on the DeFi protocol’s liquidity and on-chain conditions.Please note: LYUSDC is an in-platform representation of your staked assets only. It is not listed for spot trading, cannot be transferred to other users, and cannot be withdrawn off the platform. The staked assets, and therefore the ability to redeem LYUSDC for USDC at 1:1, remain subject to protocol risks.
Key dates
5 October 2026, 10:00 UTC: DeFi Earn USDC without LYUSDC closes to new subscriptions in the EEA region. New subscriptions from this point issue LYUSDC directly.
5 October 2026, 10:00 UTC: Existing USDC DeFi Earn positions are automatically matched with LYUSDC at 1:1.
14 October 2026, 10:00 UTC: The underlying DeFi vault migrates from Spark USDC on Ethereum to Spark USDC on X Layer.
What you need to do
Nothing. Your existing USDC DeFi Earn position will automatically be matched with LYUSDC on 5 October 2026, and your underlying DeFi vault position will automatically migrate on 14 October 2026.
You can add more USDC or redeem from Grow > On-chain Earn > USDC Earn.
If you do not want to receive LYUSDC, or do not want to participate in the migration from Spark USDC on Ethereum to Spark USDC on X Layer, please redeem your On-chain Earn subscription before the dates above.
Risk disclosure
Staking involves risk. LYUSDC is an account balance representing USDC you have staked through OKX DeFi Earn. It is not USDC, or a stablecoin. The value of LYUSDC and the underlying USDC is subject to market volatility, and you may lose value. Staked assets are exposed to network and protocol risks, including slashing, which could reduce the amount recoverable and may affect the 1:1 ratio of LYUSDC and USDC, therefore you could lose some or all of your staked assets. Redemption timing depends on network conditions and the validator unbonding period. There is no guarantee of the return of your principal, and rewards are variable and not guaranteed. Any compensation OKX may provide in exceptional circumstances is discretionary and does not constitute a contractual entitlement. This announcement is for information only and is not investment advice or an offer to buy, sell or hold any digital asset.OKX Europe