One of the Global settlement firm OKLink and a subsidiary of the leading cryptocurrency exchange OKEx is all set to launch its stable coin on June 3.
According to the recent reports of Cointelegraph, the OKEx exchange Platform representative claimed that the stablecoin — dubbed USDK will be launched on June 3rd in partnership with United States-based custodian Prime Trust. The firm is also reported that this partnership enables fiat trading on the U.S.-based version of top cryptocurrency exchange Huobi.
Basically, Prime Trust is one the trust companies that manages the escrow accounts holding collateral for competitor stablecoin, TrueUSD.
On June 2, OKLink posted scans of the agreement between OKLink and Prime Trust on Twitter.
Previously, founder of exchange services provider OKCoin and OKEx
Star Xu — founder of OKCoin and OKEx , announced OK Group’s partnership with the trust company and plans to launch a stablecoin.
According to the previous Cointelegraph reports, OKEx is developing its own decentralized exchange and blockchain, called OKChain. Moreover, the chain is already in the final development stage and the company expects to launch the testnet this month.
At present, OKEx is currently the second largest crypto exchange in the world. It holding $1.8 billion in trades over the past 24 hours to press time.