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OKEx Lists Four ERC20 Stable Coins as Tether Implodes

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One of the biggest crypto exchange by trading volumes has just announced they are to list four stable coins, all running on ethereum’s public blockchain as ERC20 tokens. OKEx said:

“We’re excited to announce the 4 new listings of OKEx. Deposit opens today, trading & withdrawal available tomorrow.”

This rushed announcement, which is currently still available only in Chinese, comes after tether lost its peg:

OKEx Lists Four ERC20 Stable Coins as Tether Implodes
Tether crash, October 2018.

There are suggestions the above is due to fake news about Binance delisting tether, which Changpeng Zhao of Binance has denied, stating:

“Learned today, short term, launching a fiat exchange that required months of work had less positive impact than FUD about USDT (a single photoshopped fake announcement) on BTC price. But I also know for a fact, long term, hard work wins. Keep building!”

OKEx Lists Four ERC20 Stable Coins as Tether Implodes
Tether fake news, October 2018.

Whether tether’s price action is really related to the above is unclear, but confidence has clearly been shaken, thus OKEx said:

“The exact time for OKEx to go online for True USD(TUSD), USDCoin (USDC), Gemini Dollar(GUSD), Paxos Standard (PAX) is as follows:

Open TUSD, USDC, GUSD, PAX deposit time: October 15th 17:00 HKT;

On-line TUSD/BTC, USDC/BTC, GUSD/BTC, PAX/BTC market trading hours: October 16th 14:00 HKT;

On-line TUSD/USDT, USDC/USDT, GUSD/USDT, PAX/USDT market trading hours: October 16th 14:00 HKT;

Opening TUSD, USDC, GUSD, PAX withdrawal time: October 16th 17:00 HKT.”

They’re opening them for only BTC pairs, presumably for now, and for some reason are not offering DAI even though it has kept its peg better than the rest amid the Tether chaos.

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TUSD, for example, jumped to $1.12 with its market cap at $140 million. DAI is still standing at about $1, with its market cap making a new high of $61 million.

OKEx Lists Four ERC20 Stable Coins as Tether Implodes
Dai price and market cap, October 2018.

Bitfinex has tried to re-assure the market, stating they will open fiat deposits tomorrow, but tether’s price since then has fallen again to about $0.93 from circa $0.95 after reaching a very brief low of $0.51 on Poloniex.

Question is whether this is heard behavior without foundation, or whether something has gone wrong with the tether peg.

Regardless, the market is clearly diversifying into other stable coins as a new industry of sorts is born to create digital fiat tokens or an algorithmic peg.

Copyrights Trustnodes.com

 





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