OKEx, one of the leading virtual currency trading platforms, said on Monday it would add four stablecoins to its roster later this week: Gemini Dollar (GUSD), USD Coin (USDC), Paxos Standard Token (PAX), and TrueUSD (TUSD). The move comes among Monday’s fuss regarding the situation of Bitcoin (BTC), and Tether (USDT) on Bitfinex.
GUSD, USDC, PAX, and TUSD claim to be 1:1 collateralized to the US dollar like Tether. OKEx opened deposit services for all four projects at 09:00 UTC on Monday. The exchange will support two markets for each of the coin – with Bitcoin and Tether. The spot trading will start at 06:00 UTC on Tuesday, and withdrawals will be enabled three hours later.
GUSD, USDC, PAX, and TUSD’s prices reacted positively on the news. USD Coin saw the most significant increase. Three and a half hours after the OKEx press release, the coin changed hands at $1.09 per USDC, which was 7.89% more compared to the previous day at 13:15 UTC on Monday. The project clocked $9.6 million in trading volume; $9.5 million came from Poloniex pairs with BTC, Ethereum (ETH), and USDT, according to Coinmarketcap data. Circle owns both USDC and Poloniex.
Paxos Standard Token spiked 5.21% on a daily basis and was traded at $1.06 per coin. PAX trading volume for the previous day was $29.4 million, with Binance pairs with USDT, BTC, ETH, and Binance Coin (BNB) accounting for $17.4 million of it.
The OKEx announcement also affected Gemini Dollar market performance. The project traded at $1.04 per GUSD, an increase of 2.91% on a daily basis. GUSD clocked $108,644 in trading volume with $97,398 coming from Bibox pairs with Bitcoin, Tether, Ethereum, and the exchange’s own token, BIX.
TrueUSD changed hands at $1.06 per coin, which was an increase of 2.63%. The coin achieved $60.3 million in trading volume with Binance emerging as the largest TrueUSD market with $56.4 million from BTC, USDT, ETH, and BNB pairs.
The stablecoin market has become very attractive in recent weeks as several new projects entered that space including GUSD, USDC, and PAX. Currently, Tether is the largest player among stable cryptos, but on Monday morning, it experienced the most significant decline in its price in the last 18 months after developments on Bitfinex regarding USDT and BTC. At the time of writing, it changed hands at $0.96 per Tether, a drop of 2.96% on a daily basis.