Day of the stablecoin: OKEx lists four fiat-backed tokens

15 Oct, 2018
by David Robb
News
Day of the stablecoin: OKEx lists four fiat-backed tokens

Crypto exchange OKEx expanded its range of digital currencies even further today. It launched trading for four new tokens, all of which were stablecoins.

The new fiat-backed currencies were TrueUSD (TUSD), USDCoin (USDC), Gemini Dollar (GUSD) and Paxos Standard Token (PAX). All of these stablecoins are officially classed as stablecoins due to their being backed by the US Dollar.

OKEx is now accepting deposits for all these tokens, and trading will begin tomorrow. The exchange is offering pairs with BTC as well as Tether (USDT), the original stablecoin.

This announcement comes on a notable day for USDT, which may soon be losing its status as the most popular stablecoin and the reserve fiat-equivalent token for many active traders. Rumours are spreading about the insolvency of the company behind Tether, and this has led to a major sell-off. The USDT price fell as low as $0.86 in the last 24 hours, with traders investing in other stablecoins. Correspondingly, TUSD and PAX were both trading at over $1.10.

Read more: What's going on with Tether? Trading as low as $0,86, 'a lot of volatility ahead'; 'Stablecoins' TUSD and PAX trading for $1,14 and higher following Tether sell-off

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Read more about: OKEX Tether (USDT)

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