What is USDK?
USDK is an Ethereum-based stablecoin, which is tied to the US dollar. The stablecoin is powered by both – blockchain technology and a US-licensed trust company. Thus, each USDK is backed by one US dollar from the Prime Trust Special Account. USDK and USD have a fixed 1:1 exchange rate, which means that the USDK price tends to stay close to the USD price.
Who Founded USDK?
USDK was launched by OKLink and Prime Trust in 2019.
The USDK blockchain protocol was created by OKLink Fintech Limited, a fully-owned subsidiary of OKG Technology Holdings Limited. The global study, development, and use of blockchain technology are the main priorities of OKLink.
The issuer and administrator of USDK, on the other hand, is a US trust company called Prime Trust, which is dedicated to the blockchain sector. Licensed by the Nevada Banking Commissioners office, Prime Trust offers a variety of services including custody, trust, escrow, payments processing, anti-money laundering compliance, and transaction technology.
Use Cases of USDK
USDK coin can be used for various purposes. For starters, USDK acts as a bridge currency between fluctuating coins such as ETH and stable tangible assets such as the USD.
Also, users can execute and manage all of their trades on some exchanges by dealing with USDK rather than USD.
Moreover, USDK can also be used for more complex investments like staking and lending.
Lastly, thanks to a 1:1 ratio between the USDK price and USD, the USDK coin is useful for conveniently moving money across borders.
Even though the USDK crypto asset is a stablecoin, the USDK price might fluctuate a bit. However, it still remains relatively close to $1. Check out the USDK price chart above.
