Featured, International

Cryptocurrency Exchange OKEx Adds Support For Four New Stablecoins

Cryptocurrency exchange OKEx, which is the third top crypto exchange by market cap, announced in an official blog post on October 15 that it will be listing four new stablecoins at once. In its support notice, the exchange said that it will be listing Circle’s USDCoin (USDC), TrustToken’s TrueUSD (TUSD), Paxos Standard Token (PAX) and the Gemini Dollar (GUSD) from the Winklevoss-founded New York exchange.

This news of OKEx listing the four new stablecoins comes at a time when the controversy around the most commonly used stablecoin Tether (USDT) is building. Although USDT is widely used by exchanges and traders, the confidence in the token has been fading in the last couple of months. This is mainly due to the perception being held that USDT developer Tether LLC and its sister firm, Bitfinex are not transparent over the actual amount of USD being held to back the stablecoin.

Cryptocurrency exchange OKEx stated that it will start accepting deposits in the four new stablecoins from October 15, 17:00 local time. Spot trading in pairs against Tether and Bitcoin will begin from October 16, at 14:00 local time. Users will be able to withdraw the newly listed tokens three hours later, as reported on CoinDesk.

The last stablecoin that’s listed on the exchange platform is the recently launched USD Coin. This token was announced by the crypto finance company, Circle on September 26. The listing for this token was available on major exchanges such as Huobi, Circle’s Poloniex, KuCoin, OKCoin and Coinbase.

The stablecoin niche has recently witnessed an onslaught of new coins, as part of the fast-evolving blockchain and crypto industry. The Japanese internet giant, GMO Internet also confirmed on October 9 its plans of launching a crypto stablecoin pegged to the Japanese yen.

Apart from cryptocurrency exchange OKEx adding support for the aforementioned four stablecoins, on Oct. 8, audit giant PricewaterhouseCoopers (PwC) partnered with decentralized lending platform Cred to provide tech expertise in the launch of their USD-backed stablecoin, as reported on Cointelegraph.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
coinmag

Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

Leave a Comment

Your email address will not be published. Required fields are marked *