Crypto Exchange OKEx’ Subsidiary OKLink to Introduce USD-Pegged Stablecoin USDK

Popular cryptocurrency exchange OKEx is gearing up to launch a stablecoin through its subsidiary OKLink, a global settlement firm. A representative of OKEx has stated that the stablecoin, named USDK, will be introduced today in collaboration with Prime Trust, the US-based custodian.

Yesterday, OKLink uploaded copies of the inked deal between OKLink and Prime Trust on its official Twitter page. By the end of May, Star Xu, founder of OKCoin and OKEx, which are exchange services provider, disclosed OK Group’s collaboration with the trust company and intention to introduce a stablecoin.

Notably, Prime Trust also administers the escrow accounts that stores collateral for contender stablecoin, TrueUSD. The firm is also an associate that facilitates fiat trading on the US based version of top cryptocurrency exchange Huobi.

On the basis of adjusted daily trading volume, OKEx is presently the second largest cryptocurrency exchange, with $1.80 billion worth trades in the past 24 hours.

OKEx is building its own decentralized exchange (DEX) and blockchain, named OKChain. The chain is believed to be in the final stage of development and the firm anticipates the testnet to go live this month.

Notably, the decentralized exchange launched by popular cryptocurrency exchange Binance will block residents of 29 countries from using it. The DEX makes aware of the restriction to users in that region by flashing a message while trying to access the platform from any of the blocked countries.