Crypto Exchange OKEx Lists USD-Pegged Stablecoin USDK

Announcements, News | June 4, 2019 By:

Cryptocurrency exchange OKEx has added support for US Dollar-pegged stablecoin USDK on its platform.

USDK is an ERC-20 stablecoin co-launched by OKEx’s strategic partner OKLink and US-licensed trust company Prime Trust. Every USDK is backed by 1 USD from the Prime Trust Special Account. With a guaranteed 1:1 conversion rate between USDK and USD, the monetary value is 100% reserved. An unnamed audit firm will reportedly provide monthly reports for maximum transparency to the public.

USDK will be listed on OKEx’s fiat-to-token (C2C) trading platform against six fiat currencies – CNY, VND, GBP, RUB, EUR and TRY, and spot trading platform with 11 trading pairs – BTC/USDK, ETC/USDK, TRX/USDK, LTC/USDK, BCH/USDK, BSV/USDK, ETH/USDK, EOS/USDK, USDT/USDK, OKB/USDK, and XRP/USDK.

To celebrate the USDK listing, OKEx will be launching a 2-day campaign together with OKLink, offering a 1% conversion premium exclusively to OKEx’s users. During the promotion period, users can convert USDT to USDK at a special rate of 1 to 1.01.

Andy Cheung, Head of Operations of OKEx, said that with the support of the new stablecoin, they are one step forward to foster a new blockchain-driven economy, encouraging financial inclusion through achieving disintermediation.

“We understand the pains in terms of third-party auditing,” Cheung said. “But with this new launch of a compliant stablecoin, we hope to provide our users a secure and reliable trading experience guaranteed by high transparency and regular audit. In the future, we are looking forward to incorporating USDK into more decentralized applications within OKEx’s ecosystem.”