USDK is an open-source token project based on Ethereum technology. Launched in June 2019, it aims to draw the reality of a new blockchain-driven economy closer. The purpose of issuing a new stablecoin was to increase financial inclusion and give the society a new secure and reliable tool for payments, money transfers, and trading. To ensure the stability of the coin, its value is pegged to the American dollar. The US dollar account of the company standing behind the project is audited every month to provide maximum transparency among the public.
This compliant stablecoin is an ERC-20 token developed by OKLink, which created the USDK smart contract, and Prime Trust, a cryptocurrency custodian registered in the US. At the time of writing, the total supply of circulating USDK tokens has exceeded 28 million USDK, and they are fully backed by the US dollars held in reserve at the Prime Trust special account. That fact guarantees a 1:1 exchange rate of USDK to USD.
In order to buy and transfer USDK, users must deposit USD to their trust accounts, which synchronize data with OKLink for confirmation, and then get them issued on the blockchain and converted to USDK coins. The company plans to migrate USDK from the Ethereum blockchain to the OKChain network in the future.
OKLink team and partners
OKLink, headquartered in Hong Kong, is a subsidiary of OKEx, one of the biggest cryptocurrency exchanges. The company was founded in August 2016 and it focuses on the improvement of blockchain services and applications.
All the members of OKLink have been dedicated to transforming the cross-border payment system having a lot of experience in blockchain, financial services, FinTech and Information Technology industries.
The CEO of OKLink Fintech is Jeffrey Ren. He is also the Chairman and CEO of OKG Technology Holdings Limited, the President of OKCoin USA Inc and a Board Member of Prime Trust. Jack C. Liu and Mingxing Xu are the co-founders.
OKLink has gained some strategic partners to support its token so far. OKEx operates as an exchange platform for USDK having listed it on its fiat-to-token and spot markets. The cold wallet Bitpie integrated USDK multi-signature feature to provide assets management on an enterprise level. Bitfinex, one of the leading cryptocurrency exchanges, has also added USDK to its trading platform. CertiK that ensures built-in support for the USDK smart contract sustains the security partnership.Read More