Stablecoins are at the heart of all good crypto trader’s plans, as they let traders exit during hostile periods without paying fiat exchange fees. As controversy wraps itself around the current leading stablecoin, more stablecoins appear to be springing up every day. Most crypto exchanges are working on their own stablecoins to help give them an advantage. This has led OKEx to work on developing and launching its own stablecoin – USDK. USDK went live on June 2 and is 100% backed and pegged to the value of the USD at a ratio of 1:1.
Stablecoins Ruling the Waves
With crypto markets tumbling all around, more and more traders are turning to stablecoins as a safe haven. This had led to many exchanges and companies launching their own stablecoins. Most recently, Wirex signed a deal with Stellar to launch 26 stablecoins on its network in the coming months. We’re yet to see the first one go live, but we’re expecting it before summer is out.
OKEx Has Been Planning
If you’ve been away from the crypto space for a while – or are just getting into it – Tether was once the most reputable and popular stablecoin of all. However, after a series of scandals, it’s looking more and more like it’s about to topple. Back on October 2018, OKEx listed 4 new stablecoins on its platform to give traders a choice. Now, OKEx has decided to create its own stablecoin, likely packed with a host of great benefits for OKEx traders.
Stablecoins Becoming Commonplace
Since stablecoins are essentially a digital fiat currency, more governments are starting to consider creating regulations that allow stablecoins to be considered as accepted means of payment. Texas is one of the states in the US that’s currently looking into it, with a view to move forward by the end of the year. If Texas goes ahead and recognizes stablecoins as legal tender, it could open up a whole new wave of crypto adoption around the globe.
OKEx’s new stablecoin comes with a range of pairs, including BTC/USDK, LTC/USDK, ETH/USDK, OKB/USDK, ETC/USDK, BCH/USDK, EOS/USDK, XRP/USDK, TRX/USDK, BSV/USDK, and USDT/USDK. Crypto traders will be able to withdraw USDK to any wallet that supports ERC-20 tokens as the stablecoin is built on top of the Ethereum network – a rather standard procedure for more modern stablecoins. USDK doesn’t have any unique features at the moment, but it’s more reputable than Tether, that’s for sure.