OKLink to Launch USD-Pegged Stablecoin USDK on OKEx Exchange Platform

This article has been updated to clarify that OKLink, OKEx, and Prime Trust are separate companies.

Global settlement firm OKLink will launch its stablecoin today, June 3, an OK Group representative told Cointelegraph.

Cryptocurrency exchange OKEx will operate as the exchange platform for OKLink — in conjunction with United States-based custodian Prime Trust — to launch the stablecoin, dubbed USDK.

According to an OKEx spokesperson, OKLink will serve as the technology service provider for developing the USDK smart contract, with Prime Trust acting to provide Anti-Money Laundering and Know Your Customer compliance, as well as other transaction technology services.

On June 2, OKLink posted scans of the agreement between OKLink and Prime Trust on Twitter.

At the end of last month, Star Xu — founder of OK Group — announced OK Group’s partnership with the trust company and plans to launch a stablecoin.

Prime Trust is also one the trust companies that manages the escrow accounts holding collateral for competitor stablecoin, TrueUSD.

The firm is also reportedly the partner that enables fiat trading on the U.S.-based version of top cryptocurrency exchange Huobi.

OKEx is currently the world’s second largest crypto exchange by adjusted daily trade volumes, seeing $1.8 billion in trades over the past 24 hours to press time.

As Cointelegraph reported in March, OKEx is developing its own decentralized exchange (DEX) and blockchain, called OKChain. The chain is reportedly already in the final development stage and the company expects to launch the testnet this month.

Yesterday, Cointelegraph reported that the so-dubbed decentralized exchange developed by major cryptocurrency exchange Binance will block access to users based in 29 countries. The DEX informs potential users of the restriction via a message that appears when accessing the platform from one of the blocked regions.