ZAWYA：OKX 推出基于比特币和以太坊的 USDS-M 阶梯式期权
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Dollar-denominated margin, premium, and settlement across BTC and ETH options, with multi-stablecoin support and cross-product margining, built for institutional compliance standards
DUBAI — OKX, a leading global fintech company and crypto trading platform, today announced the launch of USDSⓈ-M Options on Bitcoin and Ether, available to traders in the UAE and Australia* under OKX's regulated derivatives frameworks. Both products are live on web and the app.The launch extends OKX's institutional product build-out, following its recently announced collaboration with BlackRock and Standard Chartered on BUIDL, and brings fully dollar-denominated options to the platform for the first time. Margin, premium, Greeks, P&L, and settlement are all expressed in USD, with USDC and USDG accepted as settlement currencies alongside existing coin-margined options on the same chain.
For desks that operate in dollars, coin-margined options have often remained outside reach. Internal compliance frameworks, treasury policies, and reporting requirements built around USD create friction when collateral and settlement are denominated in crypto.
USDSⓈ-M Options address this directly: margin is posted in USD, USDC, or USDG; premiums are quoted and paid in dollars; and settlement at expiry lands in the stablecoin of the trader's choice.
"Institutional traders have been clear about what they need: Bitcoin and Ether exposure that fits within a dollar-denominated compliance and reporting framework, from the moment collateral is posted through to settlement," said an OXK spokesperson. "That is precisely what USDSⓈ-M Options deliver. Combined with cross-product margining across our unified pool, traders can now manage options, perpetuals, and spot within a single account without fragmenting collateral or navigating multiple venues. We built this for the desks that have been waiting for a regulated, dollar-native options product at this level of sophistication."
The product integrates into OKX's unified margin pool, meaning a long BTC call offsets against a short BTC perpetual within the same account. Desks running options alongside a broader derivatives programme do not need to segment collateral or post margin twice for positions that hedge one another.
ִProduct Comparison
Coin-margined Options
USDSⓈ-M Options - NEW
Margin currency
BTC or ETH
USD, USDC, or USDG
Premium quoted in
Crypto
USD
Payoff type
Inverse
Linear
Payoff formula
(S − K) / S × multiplier × qty, in BTC/ETH
(S − K) × multiplier × qty, in USD
Min. contract size
0.01
0.01
Example contract
BTC-USD-241231-50000-C
BTC-USD_UM-241231-50000-C
A single toggle on the OKX options chain switches between both products. Same interface, same order types, same margin modes.
*Note: The Australian product is available to wholesale clients only, and denominated in USD stablecoins and not fiat currency.
For further information, please contact: Media@okx.com
About OKX
OKX is a fintech company on a mission to modernize money and markets. Today it is trusted by more than 100 million people around the world who use OKX services to invest, transact and trade digital assets across a number of financial instruments including spot, futures, and decentralised markets. As one of the world's largest platforms, OKX is known for its exchange, wallet, and onchain ecosystem used by everyday people and large institutions.
OKX maintains regional offices in the United States, Europe, UAE and Singapore with a number of local offices across São Paulo, Hong Kong, the Republic of Türkiye, and Australia. Over the past several years, it has built one of the world's most comprehensive regulatory compliant, licensed fintech companies.
OKX is steadfastly committed to transparency and security and publishes Proof of Reserves reports on a monthly basis to ensure customer funds are always protected and available to people. To learn more about OKX, download the app or visit: okx.com.
About OKX Institutional
OKX Institutional delivers secure digital asset market infrastructure for institutional market participants. We offer highly liquid spot and derivative markets through global offshore and regional onshore regulated exchange orderbooks and OTC RFQ, plus critical institutional services across the trade lifecycle.
From banks integrating crypto products to asset managers exploring allocation and trading firms scaling derivative strategies—we provide the compliant, flexible foundation institutions need to compete in digital asset markets.
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source: https://www.tradingview.com/news/reuters.com,2026-05-19:newsml_Zaw6T2plT:0-zawya-okx-launches-usds-m-options-on-bitcoin-and-ether/