OKEx’s Subsidiary Creates the Stablecoin USDK to be Listed on the Crypto Exchange

crypto exchange OKEx

On Monday, OKEx announced its new listing of USDK, a US Dollar-pegged stablecoin co-launched with its strategic partner OKLink and Prime Trust. According to OKEx, a Malta-based digital assets exchange, the USDK stablecoin will be listed on OKEx’s fiat-to-token (C2C) trading platform.

GBP, RUB, CNY, VND, EUR and TRY are the fiat currencies that the USDK will be listed against at OKEx. Furthermore, it will start trading on the cryptocurrency trading platform with the following 11 trading pairs.

  10. OKB/USDK
  11. XRP/USDK

Co-developed with OKLink, a blockchain technology company, and Prime Trust, a US-licensed trust company, every USDK is backed by 1 USD from the Prime Trust Special Account. The announcement regarding the listing of USDK states:

“With a guaranteed 1:1 conversion rate between USDK and USD, the monetary value is 100% reserved. Also, an audit firm will provide monthly reports for maximum transparency to the public.”

Andy Cheung, Head of Operations of OKEx, expressed his excitement regarding the listing of USDK. “With the support of the new stablecoin, we are one step forward to foster a new blockchain-driven economy, encouraging financial inclusion through achieving disintermediation,” he was quoted saying.

He further said that OKEx understands the struggles of third-party auditing (as other stablecoin companies demonstrate) and that through this launch of a compliant stablecoin, their users will have access to “a secure and reliable trading experience guaranteed by high transparency and regular audit.” He also spoke about OKEx’s plans to collaborate further with OKLink’s USDK and to incorporate it into more decentralized applications within their ecosystem.

Special Initial Offer for USDK on OKEx Crypto Exchange

Together with OKLink, OKEx is offering a 1 percent conversion premium for current platform users exclusively. This means that during the period of the offer, users will be able to convert USDT to USDK at a special rate of 1 to 1.01.

OKEx offers digital assets trading services. Some of its offerings include token trading, futures trading, perpetual swap trading and index tracker for global traders with blockchain technology. Currently serving millions of users over 200 countries and regions, the platform claims to provide a safe, reliable, and stable environment for digital asset trading.

It is the world’s second largest crypto exchange by daily adjusted trade volumes. It has also been reported that OKEx is building its own decentralized exchange and blockchain called OKChain.

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