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A Leading Cryptocurrency Exchange OKEx to Support Four Stablecoins at Once

A cryptocurrency exchange OKex, positions on 3rd rank as far as the market cap is concerned. It has declared the listings of four stablecoins at once.

OKex is going to include support for four stablecoins, which are TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX). Supposedly, the stablecoin have become available for deposits today, at 5:00 p.m. on Hong Kong Time (HKG), with many crypto trading pairs, according to the mentioned schedule. From tomorrow, Withdrawal will be available.

After the launch of stablecoin Tether which was recently in debates, TrueUSD has been introduced. Both listed on significant cryptocurrency exchanges like Binance, Bitfinex, OKEx, Huobi and HitBTC, the stablecoins are placed on the Omni and Ethereum blockchain networks.

Built on tokenization platform TrustToken, TrueUSD has been named as “world’s first legally backed stablecoin,” and also went live on the Bittrex crypto exchange in March 2018.

Winklevoss twins had launched Gemini Dollar. Gemini is backed by USD and “held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance.” the New York State Department of Financial Services (NYDFS) approved two stablecoins, Gemini Dollar and Paxos Standard Token, on Sept. 10.

The Ethereum was launched by Paxos and described as a “fiduciary and qualified custodian of customer funds”, also backed by 1:1 by the dollar. Lastly, it was USD Coin declared by crypto finance company Circle on Sept. 26, which is available on major exchanges such as Circle’s Poloniex, Huobi, OKCoin, KuCoin, and digital wallet and exchange Coinbase.

Seemingly, the position of the stablecoin has been affected negatively due to the rapidly growing blockchain and crypto industry. Reportedly, Japanese internet giant GMO Internet is aiming to introduce a crypto stablecoin attached to the Japanese yen.

Additionally, Binance which is a massive name in crypto exchange. It has suspended withdrawals of major stablecoin Tether. It took 30 minutes to fix and reopen Tether withdrawals. The maintenance happened due to “increase the speed of withdrawals amidst heightened volume,” reportedly.

Michael Dunn

Michael Dunn has done his major in journalism and mass communication. He is a crypto-enthusiast. He is passionate about cryptocurrencies and blockchain technology from it's early days. He also interested at analyzing cryptocurrency market trends. He produce quality content in this field due to his comprehensive knowledge.

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