What is the underlying market trend behind this decision?
On Oct 15, we have announced the listing of four new stablecoins: TrueUSD, USD//Coin, Paxos Standard Token, and Gemini Dollar, joining the platform to fulfill the market demand for more options of fiat-collateralized cryptocurrencies.
What’s special about the new stablecoins?
One of the most popular stablecoins in the market, it is fully collateralized by USD and held in professional trust firms’ banks.
It is a U.S. dollar-backed stablecoin that offers detailed financial and operational transparency. It is operated within the regulated framework of U.S. money transmission laws with established banking partners and auditors.
Paxos Standard Token (PAX):
The world’s first regulated stablecoin issued by Paxos, offering a liquid, digital alternative to cash that is available 24/7 for instantaneous transaction settlement.
Gemini Dollar (GUSD):
It combines the creditworthiness and price stability of the U.S. Dollar with blockchain technology and the oversight of U.S. regulator. As an ERC-20 token, the Gemini Dollar can be transferred on Ethereum network.
Here is the go-live schedule of the new stablecoins:
TUSD, USDC, GUSD, PAX deposit:
17:00, Oct 15 (HKT)
TUSD/BTC, USDC/BTC, GUSD/BTC, PAX/BTC spot trading:
14:00, Oct 16 (HKT)
TUSD/USDT, USDC/USDT, GUSD/USDT, PAX/USDT spot trading:
14:00, Oct 16 (HKT)
TUSD, USDC, GUSD, PAX withdrawal:
17:00, Oct 16 (HKT)
What is stablecoin?
Simply put, stablecoin is a type of digital asset meant to maintain a stable, guaranteed value by pegging it to a fiat collateral, such as the U.S. Dollar, Euro, and Japanese Yen. It is often used as a hedge against the volatility of other cryptocurrencies in trading.
Every stablecoin has its own mechanism. Generally speaking, the project team behind a stablecoin holds collateral of assets, financial or non-financial, and manages the supply to incentivize the market to trade the coin at a designated value.
For example, the project teams behind the four newly listed stablecoins hold actual U.S. dollars in their reserve and they guarantee that their token are redeemable 1:1 for the Dollar.
The trend behind: demand for stablecoins is growing
Putting all eggs in one basket is risky, and the same applies to stablecoins as well. Since the promise of redemption for fiat currencies is where the value of stablecoins lies, solvency becomes the key for them to survive the digital asset market.
Having observed that the market demand for more stablecoin options is growing from day to day, we decided to offer more popular alternatives with high audit transparency for our users to optimize their trading strategies, making OKEx a more flexible and trader-friendly trading platform for all.
As always, your feedback is welcome
How do you think about our latest listing? Share with us your thoughts and we will do our best to create the best trading experience for you.
Risk Warning: Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
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