Alick Bannerman Posted September 25, 2019 Share Posted September 25, 2019 Influential blockchain advisory group Zexmon Group has emphasised the importance of stablecoins in helping to solve future finance market problems, and rates USDK for its transparency and reserve currency backing. Following the influential Jackson Hole Economic Symposium Conference, held in August, Zexmon Group released a paper, Analyzing the Development of Stablecoin from the Jackson Hole Economic Symposium Conference. In it, the group argues on the importance of stablecoins being used as a measure by central banks globally to stem the threat of a so-called ‘liquidity trap’, which could see people horde fiat currencies, instead of spending it, creating “pressure on the monetary system”. A crowded market The stablecoin market is currently dominated by Tether (USDT) a stablecoin created by iFenix, the owners of digital asset exchange BitFenix. While popular with cryptocurrency traders, who use it to protect their investments when the market enters a downward trend, Tether is not without its problems and critics. It has faced pressure this year over its operations and whether or not its claim all USDT are backed by “physical” dollars is true. It faced scrutiny earlier this year after social media users noticed it updated its terms in a way that seemed to diminish the claim every dollar of USDT was fully 1-2-1 backed by physical money. On the contrary, Zexmon’s report highlights the benefits of USDK, which it concludes “wins market trust” over USDT. “At present, USDT has an absolute advantage in the stablecoin market. Yet the token’s accidental issuance and burnt, opaque audit, not fully backed by fiat equivalents, etc. have led the market to lose trust in the stablecoin,” the report says. “Another stablecoin on the market is more trustable – USDK. USDK is a stablecoin powered by blockchain technology and US Licenced Trust Company. “USDK wins market’s trust by offering a completely transparent background and is fully backed by fiat currency. It fulfils what the market needs in a stablecoin.” The report says that USDK, which was created by OKEx sister company OK Link, and which is backed by US custody provider Prime Trust, is independently audited, and 100 per cent backed by fiat currency. “When users buy USDK, USD will be deposited to Prime Trust’s account. As the account data are shared and synced between Prime Trust and OKLink, Prime Trust will confirm the depositing before transferring USDK to users via blockchain, hence USDK are 1:1 fully backed by fiat currency,” the report says. Source of the article: https://cryptochainwire.com/usdk-fulfils-stablecoin-market-needs-report/ Quote Link to comment Share on other sites More sharing options...
Bonnie Berry Posted September 25, 2019 Share Posted September 25, 2019 I accept this new term Stablecoin is getting utilized a great deal and I have genuinely no issues with it by any means!!! Quote Link to comment Share on other sites More sharing options...
Alice Frampton Posted September 25, 2019 Share Posted September 25, 2019 USDK in reality has the trust of all. In any case, others also need to fill in… Quote Link to comment Share on other sites More sharing options...
Norm O'Neill Posted September 25, 2019 Share Posted September 25, 2019 Usually Tether is the pioneer yet I don't know whether the business will develop with only 1-2 names. It must be joined with others. Also, at exactly that point things will be paid attention to. Quote Link to comment Share on other sites More sharing options...
Ben Thompson Posted September 25, 2019 Share Posted September 25, 2019 The speech by Governor was amazing. It demonstrates that world are not disregarding Stable coin Quote Link to comment Share on other sites More sharing options...
Upul Tharanga Posted September 25, 2019 Share Posted September 25, 2019 Completely concur with this! Stablecoin are truly placing an entirely different vitality into things and I am amazingly intrigued to perceive how it hold up in coming months and years. Quote Link to comment Share on other sites More sharing options...
Latham Lapard Posted September 25, 2019 Share Posted September 25, 2019 I have done monstrous research about stable coins and found a few with high potential however the main stop as of now is Tether, a great deal of getting to accomplish for other people. Quote Link to comment Share on other sites More sharing options...
Anne Morris Posted September 25, 2019 Share Posted September 25, 2019 For quite a long time, Stablecoin wasn't paid attention to yet as far back as Facebook's entrance, the entire market has gotten enormously. It should simply keep on rather quality. Quote Link to comment Share on other sites More sharing options...
KYCbench. Posted September 25, 2019 Share Posted September 25, 2019 In spite of the fact that I without a doubt go for Tether however Facebook's appearance can't be overlooked. Libra could truly be a noteworthy thing in opportunity to arrive… Quote Link to comment Share on other sites More sharing options...
Jacob Posted September 25, 2019 Share Posted September 25, 2019 Almost certainly USDK has real advantage with regards to Stablecoin industry, however for the entire business to develop it must be more to hold hands. Regardless I am appreciative to OKEx for giving us something like this. Keep it up! Quote Link to comment Share on other sites More sharing options...
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