OKEx, one of the leading cryptocurrency exchanges based in Malta has launched its own stable coin called USDK. The stable coin will be issued by its subsidiary OKLink and would be pegged against the US Dollar. In recent times the number of exchanges entering the stable coin market has risen significantly. Some of the noted exchanges which have entered the stable coin arena include Bitfinex, Gemini and Circle.
USDK stable coun is an ERC-20 token based on the Ethereum protocol. The coin is being developed in collaboration with OKLink and Prime Trust. OKLink also tweeted about the same on June 2nd, which read,
“Leap Holdings Group Limited (http://1499.HK ) officially announced today its subsidiary company OKLink Fintech Limited (OKLink) has signed an agreement with Prime Trust, LLC (Prime Trust) to launch the USDK business.”
The company also released a blog post detailing various aspects of the new stable coin project. The USDK stable coin would have 11 trading pairs, and the coin will be launched on June 3rd. The token would be available for the public from 7:00 UTC and the company also announced that there will be zero fees for opening trades as well as the transaction for the early birds.
The 11 trading pairs include BTC/USDK, LTC/USDK, ETH/USDK, OKB/USDK, ETC/USDK, BCH/USDK, EOS/USDK, XRP/USDK, TRX/USDK, BSV/USDK, and USDT/USDK. The plethora of trading options would surely spoil the traders for choices.
With OKEx launching its own stable coin, there has been quite a surge in trend for exchanges to go that way, however, the controversy around Tether has really put a bad light on the stable coin space. It is to be seen whether the launch by various exchanges can give the stable coin sector a new lease of life.