OKEx has announced support for four new tokens, which will be listed on the platform.
According to an official blog post, the tokens have and will become available according to a set schedule:
“1. TUSD, USDC, GUSD, PAX deposit – 17:00, Oct 15 (HKT)
2. TUSD/BTC, USDC/BTC, GUSD/BTC, PAX/BTC spot trading – 14:00, Oct 16 (HKT)
3. TUSD/USDT, USDC/USDT, GUSD/USDT, PAX/USDT spot trading – 14:00, Oct 16 (HKT)
4. TUSD, USDC, GUSD, PAX withdrawal – 17:00, Oct 16 (HKT)”
The four tokens, all stablecoins, are pegged to a dollar value. There are arguments for and against the concept of a stablecoin. Advocates believe that these tokens offer all of the necessary features of currency – that is, they serve as a medium of exchange, store of value, and unit of account – while retaining the blockchain element. Furthermore, stablecoins allow a cryptocurrency to exist without suffering the seemingly inherent price volatility.
However, some critics say that a national currency-pegged cryptocurrency would simply be offering another financial imitation, which would still be under to a nation’s laws. Owing to this, a stablecoin may at most be stable in purchasing power and not inherently stable against the basis of its underlying collateral.
True USD stands as the second stablecoin to launch after Tether. In June, the token raised $20 million USD
for a fiat collateralized stablecoin. This figure is now being used as a quote currency on TheOcean. The exchange-based Gemini Dollar was launched in September
by the Winklevoss twins’ cryptocurrency trade exchange. Both the Ethereum-based Paxos and Gemini Dollar have been approved by the New York State Department of Financial Services (NYDFS). The launch of USD Coin was recently announced
by Circle and has since been listed on numerous exchanges, including Circle’s Poloniex
, Huobi, and Coinbase.