Okex Crypto exchange launches first stablecoin

OKEx, a world-leading cryptocurrency exchange has listed  a US Dollar-pegged stablecoin co-launched by its strategic partner OKLink and Prime Trust. The new stablecoin 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 as below as well.

USDK is a ERC-20 stablecoin co-developed by 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. 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.

To celebrate the listing, OKEx will launch 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. 

“We are excited about 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,” said Andy Cheung, Head of Operations of OKEx. “We understand the pains in terms of third-party auditing. 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.”