Crypto Exchange OKEx Lists 4 New Stablecoins

The third largest crypto exchange by market cap, OKEx, recently just announced the listings of its first four stablecoins at a go, according to a blog post published on the exchange’s site on Monday, Oct. 15.

OKEx added support for the four stablecoins, which include USD Coin (USDC), TrueUSD (TUSD), Gemini Dollar (GUSD), and the Paxos Standard Token (PAX). According to the site’s schedule mentioned in the statement, these stablecoins have become available for deposits from today, at 05:00 PM Hong Kong Time (HKG), with several crypto trading pairs. Withdrawal will also be available starting tomorrow, Oct.16.

OKEx added support for the four stablecoins, which include USD Coin (USDC), TrueUSD (TUSD), Gemini Dollar (GUSD), and the Paxos Standard Token (PAX).

TrueUSD is the 2nd stablecoin that got introduced following the creation of the controversial stablecoin Tether (USDT), a coin that is backed by the U.S. dollar currency on a 1:1 proportion. Both the stablecoins are also listed on other major cryptocurrency exchanges like Binance, OKEx, Bitfinex, Huobi, and HitBTC. The stablecoins are deployed on the Ethereum and Omni blockchain networks.

Based on the tokenization platform TrustToken, TrueUSD had been touted as “world’s first legally backed stablecoin,” and it went live in March 2018 on the Bittrex crypto exchange.

The New York State Department of Financial Services (NYDFS) On Sept. 10, approved two stablecoins, Paxos Standard Token, and Gemini Dollar. The Gemini Dollar — launched by the famous Winklevoss twins, also founders of the Gemini crypto trading platform— is a crypto asset backed by USD and “held at a designated bank located in the United States and is eligible for FDIC ‘pass-through’ deposit insurance.”

Backed 1:1 by the dollar, this Ethereum (ETH) blockchain-powered stablecoin Paxos Standard Token got launched by Paxos and has been described as a “fiduciary and qualified custodian of customer funds.”

The last stablecoin that listed on OKEx is the recently created USD Coin, announced by Circle a crypto finance company on Sept. 26, with listings available on a number of major exchanges such as Circle’s Poloniex, OKCoin, KuCoin, Huobi, and Coinbase.

As a part of the ever fast-growing blockchain & crypto industry, the stablecoin niche is recently seeing an onslaught of new coins. On Oct. 9, the Japanese internet giant GMO Internet confirmed it also plans to launch a stablecoin pegged to the Japanese yen.

On Oct. 8, the “Big Four” audit giant (PwC) PricewaterhouseCoopers partnered with popular decentralized lending platform Cred to provide needed tech expertise in the launch of their own USD-backed stablecoin. And early in September this year, American venture capital fund Andreessen Horowitz also invested $15 million in Ethereum-based Dai (DAI) stablecoin.

The world’s largest exchange Binance just recently froze the withdrawals of major stablecoin Tether. According to info acquired by crypto media The Block, the measure occurred due to “a sudden increase in the speed of withdrawals amidst heightened volume,”. It took 30 minutes to fix and it reopened Tether withdrawals.

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