OKLink, Prime Trust to launch USD-pegged stablecoin USDK

OKLink, a blockchain subsidiary of cryptocurrency exchange OKEx, is launching a new stablecoin pegged to the US dollar in collaboration with Prime Trust, a US-licensed trust company.

The stablecoin “USDK” is an ERC-20 token with every USDK 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,” the company said.

USDK 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 – BTC/USDK, ETC/USDK, TRX/USDK, LTC/USDK, BCH/USDK, BSV/USDK, ETH/USDK, EOS/USDK, USDT/USDK, OKB/USDK, and XRP/USDK.

As a promotional offer, OKEx said it will run a 2-day campaign together with OKLink, offering a 1% conversion premium exclusively to OKEx’s users. Users would be able to convert USDT to USDK at a special rate of 1 to 1.01.

Andy Cheung, Head of Operations of OKEx, said that they plan to integrate USDK into more decentralized applications within OKEx’s ecosystem going forward.

“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 Cheung. “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.”

Previously in March, OKEx announced that it has been developing its own blockchain, called OKChain, and planned to launch the testnet in June. It is working to launch its first decentralized exchange (DEX), called “OKDEx,” on OKChain.