TrueUSD, Paxos Standard Token, Gemini Dollar, and USD//Coin became the four newest coins to be listed on OKEx. The four stablecoins have been added to fulfill the rising demand for stablecoins in the market. These coins are pegged to fiat currency US dollar in a 1:1 ratio. The stablecoins’ networks issue only as many coins as the total amount of US dollars they maintain in their reserves.
OKEx’s Newfound Love for Stablecoins
The first among the four stablecoins debuting on the platform is TrueUSD (TUSD). The coin is fully backed by the US dollar, and its collateral reserves are held in the banks of professional trust firms.
The second coin in the list is USD//Coin (USDC). It is another dollar-backed stablecoin that is built to provide operational and financial transparency. It operates within the ambit of US money transmission laws and has partnered with banks and auditors too.
The Paxos Standard Token (PAX) is the first regulated stablecoin in the world and offers a highly liquid and digital alternative to the US dollar.
The final token to be listed on the exchange is Gemini Dollar (GUSD). The token released less than a month ago is issued by the Gemini exchange and is a regulated stablecoin. It is an ERC-20 token that “combines the creditworthiness and price stability of the U.S. Dollar with blockchain technology.”
Deposits in all four currencies began on Oct. 15 at 5 pm (HKT). Spot trading for Bitcoin (BTC) pairs and Tether (USDT) pairs with all currencies will begin on Oct. 16 at 4 pm (HKT). Withdrawal for all four coins will begin on Oct. 16 at 5 pm (HKT).
Return of the Gold Reserve in the Financial Systems?
A few years ago, central banks in different countries issued currency in accordance with the gold reserve. This meant that central banks had to maintain gold equivalents of the cash they issued. The standard was slowly done away with.
Stablecoins are the harbingers of a new gold standard, except that they work in the crypto sector. They help in stabilizing the value for coin holders. The crypto market fluctuates violently on either side, which could wipe off millions from the market in one sweep. Stablecoins protect from these fluctuations as the price of US dollars usually remains stable.
OKEx Lists Four New Stablecoins in One Go, Gemini Dollar Also Included was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.