Crypto Exchange OKEx Adds Four New USD-Pegged Stablecoins

Announcements, News | October 16, 2018 By:

Malta-based cryptocurrency exchange OKEx has added support for four USD-pegged stablecoins.

In a support notice published on its website, OKEx said that TrustToken’s TrueUSD (TUSD), Circle’s USDCoin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX) are now live on the platform. The exchange will support two markets for each of the stablecoins, with bitcoin (BTC) and Tether (USDT).

Three of the stablecoins – USDC, GUSD, and PAX – were all launched by their respective companies last month, while TUSD was released in March of this year. All of the coins are backed by the US dollar on a 1:1 proportion. The Gemini Dollar and the Paxos Standard Token are approved by the New York Department of Financial Services (NYDFS).

The OKEx listing news comes on the heels of Tether losing its USD peg, falling to an 18-month low of $0.925284 on October 15. At press time, USDT is trading at $0.978475, according to data from CoinMarketCap.

Tether is the most commonly used stablecoin, but it has been embroiled in controversy for its alleged involvement with crypto exchnage Bitfinex to manipulate the price of bitcoin. There were also rumors that it doesn’t hold enough reserves to fully back all the tokens in circulation. Tether has consistently denied this, but has not produced conclusive evidence that it is reserved 1:1.