OKCoin is thinking to launch its stable coin called ‘OKUSD.’ The Chinese crypto exchange has named the coin with identification with the US Dollar. All this has become possible due to the hard work and cooperation between OKCoin and the U.S based trust company called- Prime Trust. The release date of the OKUSD is not yet disclosed.
As per the reports, OK Group also has invested in Prime Trust. The amount has not been revealed. This unknown amount of investment will prove to be beneficial to the OKCoin crypto exchange. It will give the exchange the right to make use of the company’s technology so that it can implement many blockchain-based critical inactivities. Further, a few representatives from Prime Trust company revealed that OKUSD would make sure to adhere to all the regulatory expectations. This will enable the stablecoin to become the foundation of the OK Chain network for the times to come. On this, the founder of the OKCoin crypto exchange- Star Xu had this to say-
“I am very pleased to start this strategic partnership with Prime Trust. Thanks to this agreement, we will be able to offer a wide range of sale, secure and regulatory compliant services thanks to this company.”
The representatives from the OK Group revealed that the process is at the final stage. The company is almost through the developmental stages of its blockchain OKChain. Further, the testnet should go live in the next two months.
Back in January, there were reports about the possibility of the crypto exchange to go public on the Hong Kong Stock Exchange- HKEX. This was based on the over-taking another company which already existed on the exchange. On the other hand, the CEO of TRON- Justin Sun recently announced the release of the latest version of the USDT stablecoin on the company’s blockchain.