Exchange News

A leading crypto exchange adds 4 recently launched stablecoins

OKEx, a leading cryptocurrency exchange announced today that it is listing 4 recently launched stablecoins. The listing started today, Monday, and the exchange hopes to add trading pairs by Tuesday 16th.

“We are pleased to announce that TrueUSD (TUSD), USDCoin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX) are now listed on OKEx,” read a notice on the OKEx website.

The deposits for all the coins was opened on October 15. However, spot trading for TUSD/BTC, USDC/BTC, GUSD/BTC, and PAX/BTC pairs will be opened on October 16 at 14:00 HKT. Spot trading for TUSD/USDT, USDC/USDT, GUSD/USDT, PAX/USDT pairs will also start on October 16. Withdrawals for the 4 recently launched stablecoins will commence on October sixteenth.

The listing of the new stable value coins comes exactly one month after another exchange, Digifinex, moved to replace Tether with TrueUSD, one of the newly listed coins on OKEx.

Tether (USDT), a popular dollar pegged stablecoin, has occasionally found itself on the wrong side with some accusing it of being used to pump bitcoin prices. In other occasions, the team behind USDT, Tether LLC, has failed to provide conclusive documents to support the 1:1 Tether to dollar ratio held in its reserves.

Even though OKEx has provided trading pairs against Tether (USDT), USDT’s trust among traders has diluted over time putting the 4 recently launched stablecoins at a better chance to succeed USDT.

Fcoin, a cryptocurrency exchange, has also opened deposits for Gemini Dollar (GUSD), USDCoin (USDC), Paxos Standard (PAX), and TrueUSD (TUSD) with trading pairs to be announced at a later date.

In the recent past, there has been a surge in stable value coins. Some have even promised to publicly provide monthly audit reports to confirm the 1:1 ratio against the U.S dollar.

In other news, earlier today, Binance, the largest cryptocurrency exchange in the world, had suspended Tether withdrawals claiming network congestion. The withdrawals have long been reinstated.

Do you think the 4 recently launched stablecoins are more transparent than Tether?

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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