OKEx has listed four new stablecoins in what appears to be a bid to protect itself from the ongoing Tether fallout. Stablecoins give traders the ability to manage their appetite for risk by moving crypto investments into a crypto that is pegged to a fiat currency with a ratio of 1:1. Unfortunately, in recent weeks Tether – the most popular USD stablecoin – has been teetering on the edge and it now looks like it’s close to collapsing.
Following Tether’s uneven couple of weeks, exchanges are quickly adding in new stablecoins to their platforms in a bid to satisfy investor demand. OKEx has listed TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX).
TrueUSD Has Arrived
TrueUSD was launched back in March and is the first legally backed stablecoin, meaning that in order to hold the stablecoin you need to pass know your customer (KYC) and anti-money laundering (AML) checks. It looks to be the frontrunner in the race to replace Tether as the most popular USD stablecoin, but the competition is heating up.
Winklevoss Twins Join the Game
When it comes to crypto, the Winklevoss twins aren’t known for sitting on the sidelines. Not being ones to miss out on the action, the pair launched their own USD stablecoin – the Gemini Dollar – back in September. The Gemini Dollar is part of the next generation of stablecoins and is fully regulated by the New York Department of Financial Services. This means that is has a provable stockpile of USD for every Gemini Dollar that’s in circulation. Regulated stablecoins are becoming increasingly popular following Tether’s price manipulation scandal.
Don’t Forget the Euro
Stablecoins are being created left, right, and center in order to cope with investor demands from different geographic locations. There has long been a demand from European traders for a Euro stablecoin and these investors finally had their wish granted in July. Stasis is the world’s first Euro pegged stablecoin and gives European investors a much safer way to hedge their crypto exposure. Rather than having to worry about fiat fluctuations as well, Euro investors can now rest easy.
OKEx is looking to secure a position as one of the top crypto exchanges in the world. It’s currently ranked third by 24-hour trade volume, and if the Bitfinex rumors are true it could scoot up into second place very soon. This new addition of stablecoins will give crypto traders even more reason to sign up and begin trading with OKEx.
