Hong Kong’s OKEx Lists 4 New ‘Stablecoins’

Hong Kong’s OKEx Lists 4 New ‘Stablecoins’

Hong Kong’s OKEx Lists 4 New ‘Stablecoins’


Hong Kong-based cryptocurrency exchange OKEx has announced that it is adding four USD-pegged cryptocurrencies to its platform for trading.

Rolling out the new additions over Monday and Tuesday, the exchange said in a support notice that it will list TrustToken’s TrueUSD (TUSD), Circle’s USDCoin (USDC), the Gemini Dollar (GUSD) from the Winklevoss-founded New York exchange and Paxos Standard Token (PAX).

The latter 3 tokens were all launched by their respective companies in September, while TrustToken was ahead of the pack with a March release.

OKEx is the 5th-largest exchange by volume for Bitcoin, and the 3rd-largest for the tether stablecoin, according to data from CoinMarketCap.

The OKEx listing news comes as controversy over the most commonly used stablecoin, tether (USDT), is only building.

Confidence in the token which is widely used by traders and exchanges to quickly move funds without the need to convert back into USDs has been fading in recent months over the perception that USDT developer Tether LLC and its sister firm, crypto exchange Bitfinex are not transparent over the actual amount of USD being held to back the stablecoin.

Some exchanges have already moved to drop tether, and the recent launching of new alternatives may only increase that likelihood.

In other related news, a major sell-off in tether early Monday saw the price of Bitcoin surge to its highest mark for a month as its premium on Bitfinex climbed to around $600 over the global average at 1 time Monday morning.

With the sell-off, Tether fell to an 18-month low of $0.925284 at 07:00 UTC, according to CoinMarketCap data.

OKEx said it will start accepting deposits in the 4 new stablecoins from 17:00 local time Monday (09:00 UTC), with spot trading in pairs Vs Bitcoin and tether to start Tuesday at 14:00 HKT (06:00 UTC). Withdrawals in the newly listed tokens will begin 3 hours later.

In a similar statement, crypto exchange FCoin said it would add the same stablecoins to its platform, though it did not provide a timeline.

Stay tuned…

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