How Ourbit converted its USDT treasury to USDG through HIFI
Ourbit is a new-generation centralized exchange founded in 2024 by industry veterans from a top-tier exchange. Serving over one million users across more than 100 countries, the platform grew quickly into one of the most active retail trading destinations in crypto.
By early 2025, Ourbit had climbed into the top 30 global exchanges on both CoinMarketCap and CoinGecko, with daily spot volume exceeding $2 billion and futures volume topping $9 billion. Ourbit built its reputation on speed: early listings, deep liquidity, and a community-first approach to retail trading.
As volume scaled and the platform broadened its product offerings across asset classes, the demands on its stablecoin infrastructure grew with it. In 2025, Ourbit decided to change how it holds and manages stablecoins.
From USDT to USDG
Like most exchanges worldwide, Ourbit denominated its order books, settled trades, and held reserves in USDT. With a $184B+ market cap and daily volume exceeding $60 billion, USDT is the de facto standard.
As the exchange scaled, Ourbit's leadership wanted to move toward a more institutional-grade, compliant framework, one built for the counterparties and regulatory environment it was growing into.
“It was about scaling our capital efficiency within an institutional-grade, compliant, more 'grown-up' ecosystem.”
- Jim Yau Co-Founder, Ourbit
Ourbit found its answer in USDG. Issued by Paxos, USDG operates under dual regulatory oversight from MAS in Singapore and MiCA-compliant entities in the EU. Fully bankruptcy-remote, USDG reserves are held at DBS, Southeast Asia's largest bank alongside European banking partners under MiCA oversight.
As a Global Dollar Network member, Ourbit receives rewards on its USDG holdings, which it passes back to its users. Rewards create a stickier product and give users a reason to hold funds on the exchange rather than convert or offramp.
“We're seeing more exchanges use USDG not just as a treasury asset, but as infrastructure for the products they're building for users.”
- Peter Jonas Chief Revenue Officer, Paxos
Total supply of USDG has grown over 550% in the past year.
USDG growth over time, via Visa Onchain Analytics
The liquidity gap
The conversion path from USDT to USDG doesn't exist as a simple trade. No single pool has the depth to handle a clip of this size cleanly, and executing on the open market would mean fragmented fills, slippage, and real value lost on a transaction that's supposed to be one-to-one.
The right path would require routing through two liquidity sources: USDT to USDC across deep orderbooks, then USDC to USDG. Given its own onchain teams and DeFi funds, Ourbit is quite familiar with navigating onchain liquidity. But for a bespoke infrastructure problem, the sophisticated operator see value in a trustworthy, cost-effective, purpose-built solution.
“When you're managing transactions at this scale, security and stability are the only things that matter. It felt like the right balance for diversifying our risk.”
- Jim Yau Co-Founder, Ourbit
The conversion pipeline
Working alongside Paxos, HIFI built an automated conversion pipeline for exactly this purpose. HIFI's two-hop routing handles the full conversion at five basis points, competitive pricing for a transaction that previously had no clean path at institutional size.
For Ourbit, the result was exactly what it needed: no manual coordination, no new custodial relationships to stand up, no fragmented execution. One pipeline, one integration, handled end to end.
“It's been very seamless and largely hands-off. The capital stays in our accounts and does its thing.”
- Jim Yau Co-Founder, Ourbit
Ourbit's treasury is now held in a dual-regulated, bankruptcy-remote asset: the institutional-grade foundation their team had been looking for. It generates yield they pass through entirely to their users, a direct addition to the value they offer their community with no added operational overhead.
“Look for partners with a strong regulatory track record. Diversifying your treasury through a solid protocol is a smart, strategic move for long-term stability.”
- Jim Yau Co-Founder, Ourbit
What comes next
Beyond the treasury operations, Ourbit has begun deploying USDG across trading pairs on the platform, integrating it into the exchange's core product. BTC, ETH, and SOL pairs against USDG are live on the exchange today, and Ourbit is evaluating USDG-based perpetuals and earn products as natural extensions.
Working with Paxos, HIFI built stablecoin conversion infrastructure for exactly this use case. Ourbit was the first exchange to use it. The pipeline is now live and available to any exchange or fintech looking to move large stablecoin positions at competitive pricing.
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