OKEX Announces the Listing of Four Stablecoins
By Tyler S – Cryptocurrency Broker
One of the most trusted digital exchanges, OKEX, have announced that four Stablecoins: TrueUSD, USD//Coin, Gemini Dollar and Paxos Standard Token are to be listed on their cryptocurrency exchange. Stablecoins are designed to stabilise the price of the token/coin to minimise the price volatility whilst having a function such as a store of value for precious metals. There are many advantages to asset-backed cryptocurrencies as they are unlikely to drop below the value of their underlying physical asset.
TrueUSD (TUSD) is backed by the US dollar, acting as a stable currency for digital exchange. Anyone that passes the standard KYC/AML checks can purchase TrueUSD. Collateral is provided by professional trust firms’ banks who ensure that users can trade with confidence.
USD Coin (USDC) is an ERC-20 Ethereum token backed by the US dollar and created to move dollars around globally from your crypto wallet to other exchanges, businesses and people. At BC Bitcoin we can help you sell and buy Ethereum using such coin.
The Gemini Dollar is the world’s first regulated stablecoin that are held at the State Street Bank and Trust Company. Their deposit balance is examined monthly by a public accounting firm Trail of Bits and publishes an independent accounting report publicly available. Making the report public shows Gemini’s commitment to transparency and honesty.
Paxos Standard Token combines the stability of the dollar with blockchain technology to move money anywhere and at any time. It is a trusted company, regulated by the New York State Department of Financial Services. The first digital asset to be issued by a financial institution whilst fully collateralised by the US dollar should encourage more to buy crypto.
With greater stability in cryptocurrencies, this could help encourage others to buy and sell bitcoin. If you are interested in buying crypto in a stable currency get in touch with us.