OKex has announced its decision to list four USD-pegged stablecoins by the end of the week.
In a support notice published on its platform, the company noted that users will be able to make deposits for Paxos Standard Token (PAX), True USD (TUSD) on its exchange.
Tether doesn’t give you the right to anything – it’s worthless as a stablecoin. It’s not even a real stablecoin if you think about it. Paxos Standard Token (PAX) and TrueUSD (TUSD) actually give you a right to a dollar. You own 100 PAX? You own 100 US Dollars. It’s a 1:1 token – with real accounting and US regulation behind it. Not like Tether.
Some reasons against Tether:
- A top 20 (by volume) exchange, Digifinex, delisted Tether on September 15th, citing trust issues.
- Increased number of competing stable-coins that are backed by fiat in as stringent a way as TrueUSD is – with the same right to the actual fiat as the stable coin represents.
- This is perhaps the most telling: The third largest cryptocurrency exchange, OKEX, announced on October 15th that they added four new stablecoins to their platform: TrueUSD (TUSD), USD Coin (USDC, this is Circle’s stablecoin), Gemini Dollar (GUSD, this is the Gemini exchange/Winklevoss twins stablecoin) and Paxos Standard Token (PAX).
- Paxos (PAX) has been added to 20 various cryptocurrency exchanges and OTC desks. More importantly, 6 of the 10 biggest cryptocurrency exchanges have added PAX in the month since PAX launched (as of October 15th). Those exchanges are Binance, OKEx, Gate.io, ZB, KuCoin, and Digifinex.