OKEx Lists Stablecoins: TrueUSD (TUSD), Gemini Dollar (GUSD), Pax Standard Token (PAX), USD Coin (USDC)

OKEx, one of the top three crypto exchanges in the world, now supports four new stablecoins on its platform, the company wrote in a blog post on Monday, October 15.

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OKEx, one of the top three crypto exchanges in the world, now supports four new stablecoins on its platform, the company wrote in a blog post on Monday, October 15.

As per the blog post, OKEx has added:

OKEx has availed trading pairs for the four coins against Bitcoin (BTC) and Tether (USDT).

The exchange began accepting deposits for the four coins on Monday, October 15, while trading is scheduled to commence today, Tuesday, October 16 at 2.00 p.m Hong Kong Time.

Similarly, withdrawals for all four stablecoins will be available beginning 5.00 p.m HKT today.

TrueUSD is the next most popular stablecoin after Tether (USDT), a coin steeped in so much controversy in the last couple of years. Like the USDT coin, TrueUSD is a U.S. dollar-backed stablecoin.

The coin went live in March this year as the world’s first legally collateralized stablecoin, pegged on a 1:1 ratio to the USD. As a price-stable crypto asset, each TUSD coin is redeemable for USD at $1.00.

Apart from OKEx, TrueUSD is already listed on some of the top cryptocurrency exchanges, including Binance, Bittrex, Bitfinex, Huobi, and HitBTC. TrueUSD, like Tether, is deployed on both Omni and the Ethereum networks.

Two other price-stable digital coins added on the OKEx platform are Gemini Dollar and Paxos Standard Token. The two tokens received the approval of the New York State Department of Financial Services (NYDFS) on September 10, 2018.

Gemini Dollar (GUSD)

Gemini Dollar (GUSD) is a stablecoin project by the Winklevoss twins, owners of U.S crypto exchange Gemini. GUSD is a fiat-backed coin pegged on real US Dollars, which are “held at a bank located in the United States.”

Paxos Standard Token (PAX)

Paxos Standard Token (PAX) is similarly backed 1:1 by the U.S dollar, and together with GUSD, became the first fully regulated stablecoins in the world. PAX is deployed on the Ethereum (ETH) blockchain.

USD Coin (USDC)

USD Coin (USDC), launched by Circle Internet Financial, is the fourth stablecoin added on the OKEx platform.

Circle collaborated with CENTRE, a subsidiary that counts Bitmain among its members, in the tokenization of the US dollar. USDC is the currently available on several exchanges, including Poloniex, OKCoin, Huobi, KuCoin, and Coinbase.

OKEx is currently the third largest cryptocurrency exchange by volume according to CoinMarketCap. The listing of the four coins will likely help it attract more users due to increased liquidity.

Stablecoins on the rise

The listing of these coins come at a time that section of the crypto industry has continued to inspire a lot of interest, with reports suggesting that there are nearly 50 new stablecoin projects in development.

OKEx Lists Stablecoins: TrueUSD (TUSD), Gemini Dollar (GUSD), Pax Standard Token (PAX), USD Coin (USDC)Last week, Chinese digital currency exchange platform OkCoin announced that it would be creating a Chinese Yuan-backed stablecoin via its U.S-based subsidiary OkCoin USA.

OkCoin’s announcement came at the same time as that of Japanese tech giant GMO Internet, which announced plans to release a Yen-backed stablecoin. Chinese-based Grandshores will also launch a yen-backed stable-priced coin after completing a fundraiser for the token fund.

Audit firm PricewaterhouseCoopers (PwC) also entered into the fray by partnering decentralized lending firm Cred. The two will collaborate on a project aimed at increasing industry awareness about asset-backed crypto as well as on the launch of a new USD-backed stablecoin.

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