To overcome the issues posed by fiat currencies and to reduce the long processes of inspection and analysis, Stablecoins were introduced by the exchanges. Many exchanges are favoring Stablecoins over fiat currencies. Several of them even trade Stablecoins with Bitcoin and Altcoins.
At the preparatory years of cryptocurrency fiat currencies like US dollars, Euro, Britain pounds, etc. were used for trading. However, they required a long and lengthy examination. To avoid these long processes the OKEx has decided to add four new Stablecoins on its platform.
It is the remarkable decision made by OKEx as it only allowed USDT on its exchange previously. OKEx has promised to launch currencies like TUSD, GUSD, USDC, and PAX on its platform and they can be easily traded with the fiat currency. It has even started the deposits recently and spot trading has initiated in the early hours of today.
OKEx has taken this huge step in order to solve the problems posed by USDT. This tied currency requires lengthy scrutiny processes from the past year. Moreover, the exchange failed to sustain the $1 level of this Tether tied currency.
This drop from $1 level of USDT makes it unfavorable by investors because of this instability. However, the company has not decided to stop its trading. If it failed to get its $1 valuation back, the OKEx has to face many problems.
Furthermore, OKEx has allowed other exchanges` Stablecoins to be traded on its platform, which has provided more liquidity to them.
In this regard, Gemini and Paxful have opened the trading of their currencies on OKEx exchange. This diversification has provided more choices to the investors.
Several other exchanges are planning to launch more stable coins on their platforms to give the boost to the cryptocurrencies.