CK USD is a niche fixed-price asset with chart information only about a month old. But already, the asset has entered the top 10 of most traded coins, with a 1.16% share of all crypto deals, almost on par with projects like TRON (TRX), or even Litecoin (LTC).

The asset, CKUSD, grants liquidity to the BCEX exchange, as well as niche exchange Allcoins. It is even more curious that there are no data on the token’s circulating supply.

The CKUSD asset is a coin, with no website. But there is an explorer in Chinese, showing block times of under one minute. Most of the blocks only carry the reward. And for a coin that has its value pegged to the dollar, the reward is surprisingly high - every few blocks, a transaction carrying more than 107.7 million coins is seen, as the block reward. If the block explorer is to be trusted, this digital asset is seeing its supply grow by leaps and bounds.

CKUSD: High-Risk Exchanges?

The history of CKUSD can be traced back to the Allcoins exchange, which disabled fiat trading last fall. The introduction of the fixed-price asset was a workaround to the problem of needing to follow stricter regulations as a carrier of cash.

BCEX, the exchange partnered with Allcoins, and also OTC789, is gaining popularity in the Far East, especially Chiina. Recently, the exchange lined up among the top 10 markets:

However, BCEX is entirely unregulated, and very opaque to Western investors. The CK USD asset is having an effect on a limited number of trades, and has a minor role in boosting the price of prominent digital assets. The pairings include QTUM, Aelf (ELF), Ontology (ONT), and others.

The prominence of BCEX is extremely curious, given that the Chinese government cracked down on all trading. But the ecosystem still manages to exist, circumventing fiat, with a continuously mined digital asset of its own.

There is also no information on the entity behind CKUSD, or the company behind BCEX. The asset does not exist on other exchanges, and there is no information on how the dollar peg is achieved.

For now, mainstream exchanges rely on the USDT asset for transfers and liquidity, and after May 22, TrueUSD (TUSD) would start trading on Binance.