The Chinese crypto exchange OKCoin plans to issue the OKUSD token, a stablecoin pegged to the US dollar. According to the company, this will be possible thanks to the cooperation between the exchange and the U.S. trust company Prime Trust.
As part of the collaboration, OK Group has invested an unknown amount in Prime Trust which will grant OKCoin the right to use the company's technology for the "implementation of several critical blockchain initiatives."
According to Prime Trust representatives, OKUSD will meet all regulatory requirements and will become the basis of the OK Chain network in the future. Star Xu, OKCoin founder, said:
"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 safe, secure and regulatory compliant services thanks to this company."
OK Group representatives have reported that the company is currently at the final development stage of its own blockchain OKChain and that its testnet will probably go live this June.
In January it was known that the exchange might be getting ready to go public on the Hong Kong Stock Exchange (HKEX) through the acquisition of another company that is already listed on the exchange.
Tron CEO Justin Sun announced recently the launch of a new version of the USDT stablecoin on the Tron blockchain.
The release date of the OKUSD stablecoin has not yet been revealed.
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