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Cryptocurrency exchange OKEx is going to launch crypto futures contracts settled in tether (USDT), a stablecoin pegged to the US dollar, next month CoinDesk reported.
On November 06, OKEx will commence tether futures trading, offering support for bitcoin (BTC), ether (ETH), bitcoin cash (BCH), EOS, XRP, bitcoin SV (BSV) and Tron (TRX) with leverage up to 100x. The contracts will be settled daily at 8:00 UTC.
The tether futures contracts will be an average of tether spot prices on leading cryptocurrency exchanges including Huobi, Coinbase, Bittrex, and Binance. This would help ensure price fairness across the market.
The exchange believes that its linear future contracts will be easier for novice traders to handle as they would not be required to hedge the margin risk as they would need to with inverse contracts.
“Most of the time, users are not willing to hold altcoins as margin, and they also see inverse contracts itself are complicated to understand. We see this linear contract would be an open door to many new retail traders,” Lennix Lai, OKEx’s financial market director, said.
OKEx intends to roll out more stablecoin-based trading products in the going forward.
“We would continue to research and add stablecoin-based derivatives so to offer a simpler hedging instrument for traders who normally book their profit and loss in USD value,” Lai added.
Earlier this month, OKEx announced its plans to set up a global Self-Regulated Organization (SRO) in order to standardize exchange practices and policies. The SRO will be an independent, membership-based organization that is neutral and open to exchanges of all sizes and jurisdictions.
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