Decentralized exchange dYdX plans to launch in the United States by the end of 2025, marking its first direct entry into the U.S. market, as confirmed by president Eddie Zhang in a Reuters report. The expansion will include the introduction of spot cryptocurrency trading, with assets like Solana (SOL)—priced around $181.49 at the time—being added to its offerings. Zhang emphasized the strategic importance, stating, "It’s very important for us as a platform to have something available in the United States, because I think it represents, hopefully, the direction we’re trying to move in."
The move is facilitated by a more accommodating regulatory environment under U.S. President Donald Trump, with Zhang citing expectations for clearer federal guidance on derivatives such as perpetual futures. In September, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) announced they were reviewing how to permit perpetual contracts for U.S. traders, which could enable dYdX to compete with centralized exchanges. Originally launched on Ethereum and now operating on its own Cosmos-based chain, dYdX has built its business around derivatives volumes rivaling major platforms, but U.S. entry will require adjustments to meet compliance standards, including anti-money laundering and customer verification procedures.
Separately, dYdX's community is set to vote on compensating users after an eight-hour outage during a market selloff in early October, with a proposal to allocate $462,000 from the protocol’s insurance fund. This governance vote, one of the largest since the exchange transitioned to full decentralization last year, addresses risk management concerns and reliance on automated liquidation mechanisms. According to analytics firm Nansen, the dYdX token (DYDX) has declined approximately 50% over the past month, falling from $0.60 to $0.30, reflecting broader weakness in decentralized finance tokens amid lower trading volumes.
