Decentralized Giant Targets the U.S. Market

In a significant move that could reshape the U.S. crypto trading landscape, decentralized exchange (DEX) dYdX is preparing to enter the American market by the end of 2025. The San Francisco-based platform, known for its derivatives trading, is positioning itself to compete directly with centralized exchanges like Coinbase and Kraken — but without the intermediaries.

dYdX operates on blockchain infrastructure, allowing users to trade directly from their wallets without relying on custodial services. Its core product, perpetual contracts, enables traders to speculate on price movements of cryptocurrencies indefinitely, a format that has attracted professional and institutional traders across global markets. Since launch, the exchange has processed over $1.5 trillion in cumulative trading volume, underscoring its growing influence in decentralized finance (DeFi).

“The U.S. market represents both a challenge and an opportunity,” said Eddie Zhang, president of dYdX. “It’s very important for us as a platform to have something available in the United States, because it represents the direction we’re trying to move in — toward broader access and regulatory clarity.”

Strategic Entry: Lower Fees and Expanded Offerings

To mark its entry, dYdX plans to slash trading fees by 50% to 65%, a move designed to attract both retail and professional traders accustomed to high-fee centralized platforms. The exchange will also introduce spot trading, initially focused on Solana (SOL) and other popular tokens, as it builds a compliant framework tailored to U.S. regulations.

However, perpetual contracts — dYdX’s flagship product — will not be available to U.S. users at launch. The company instead plans to focus on liquidity and user adoption while waiting for regulatory approval to expand its derivatives offerings.

In a sign of growing institutional acceptance, the SEC and CFTC released a joint statement last month suggesting they may consider pathways for decentralized exchanges to offer perpetual contracts under regulated conditions. This marks a notable shift from the previous enforcement-heavy stance toward crypto derivatives.

“This evolving policy landscape gives decentralized platforms like dYdX a chance to build compliant, scalable models,” said a digital asset analyst at Galaxy Research. “If approved, it could fundamentally change how crypto derivatives are traded in the U.S.”

Political Tailwinds and Market Implications

dYdX’s expansion coincides with a broader political realignment toward digital assets. The Trump administration has taken a notably pro-crypto tone, advocating for innovation-driven regulation and pushing back against what it calls “anti-innovation enforcement” from prior years. Several major lawsuits against crypto firms have been dismissed or settled, paving the way for new entrants.

The timing is opportune: as institutional adoption of blockchain accelerates, traders are demanding platforms that combine transparency, low costs, and self-custody. Decentralized exchanges like dYdX offer precisely that — eliminating intermediaries while maintaining robust liquidity through smart contracts.

Still, challenges remain. U.S. regulators have yet to finalize frameworks for decentralized governance and automated compliance mechanisms, both of which are critical to large-scale adoption. Yet dYdX’s leadership believes the momentum is turning in their favor.

“The conversation is changing,” Zhang said. “We’re moving from ‘Can this exist?’ to ‘How can we make this safe and efficient?’ That’s the shift we’ve been waiting for.”

A Turning Point for DeFi in America

If dYdX successfully launches in the U.S., it could mark a watershed moment for decentralized finance, signaling that blockchain-based trading has matured beyond regulatory gray zones. The exchange’s entry could also intensify competition among U.S. trading platforms and pressure centralized incumbents to innovate.

With its combination of low fees, AI-driven analytics, and non-custodial trading, dYdX is betting that the next phase of crypto adoption will be decentralized, compliant, and user-controlled — and it’s positioning itself to lead that transformation.