Maltese cryptocurrency exchange OKEx has listed a new regulatory-compliant stablecoin that is pegged to the US dollar, according to an official press release shared with Coin Rivet.
USDK was launched by OKLink and Prime Trust and is being made available to trade against 11 trading pairs including BTC, LTC, ETH, and BCH.
The stablecoin is an ERC-20 token backed by US dollars via Prime Trust’s Special Account. To prove that it’s fully backed by USD, an audit firm will “provide monthly reports” for maximum transparency.
We're excited to announce the new listing of the stablecoin $USDK, which is launched by our strategic partner @OKLink and a US-licensed trust company @PrimeTrustCo. Every USDK is backed by 1 USD from the Prime Trust Special Account.
— OKEx (@OKEx) June 3, 2019
“We are excited about the listing of USDK. With the support of the new stablecoin, we are one step closer to fostering 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 audits. In the future, we are looking forward to incorporating USDK into more decentralised applications within OKEx’s ecosystem.”
OKEx has celebrated the listing by launching a two-day campaign where customers can exchange USDT with USDK at a rate of 1.00 to 1.01.
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