OKEx Lists Four New Stablecoins

Digital assets platform OKEx has added four stablecoins to its listed assets.

According to a support notice published by OKEx, the Hong Kong-based cryptocurrency exchange says that TrustToken’s TrueUSD (TUSD), Circle’s USDCoin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX) are now live on the platform. These four will join Tether’s USDT, the only stablecoin listed on the exchange prior to this announcement.

With the addition of these assets, OKEx now features more stablecoins than any other cryptocurrency exchange.

TUSD, which was launched in March 2018, is currently trading on popular exchanges Bittrex, Digifinex and Binance. In addition to this, other newcomer, fiat-collateralized stablecoins USDC, GUSD and PAX came to market last month. Circle’s USDCoin is available on Poloniex, the exchange acquired by Circle earlier this year and on South Korean Hanbitco and Everbloom.

Paxos, which issues and redeems PAX tokens one-to-one against the U.S. dollar, trades on Binance, while the Winklevoss’ GUSD is available on its native Gemini exchange, HitBTC, Bibox, LATOKEN and others.

OKEx, the second largest global exchange by volume according to CoinMarketCap, will start accepting deposits for the four new listings today, October 15, 2018, at 09:00 UTC. The digital asset platform will begin spot trading for the token pairs against bitcoin and tether tomorrow, October 16, 2018, at 06:00 UTC.

The listing of these tokens comes on the heels of tether (USDT) losing its peg, falling by as much as 8 percent against the dollar on October 15, 2018. At press time, Tether is trading at $0.96, according to data from CoinMarketCap, though Kraken has the coin trading at $0.92 against its USD trading pairs.

Confidence in the most popular stablecoin had been falling over the perception that Tether, LLC, the distributor of tether, doesn’t hold enough reserves to fully back all the USDT in circulation. In the meantime, other stablecoins have begun encroaching on Tether’s market dominance.