Crypto stablecoins, which act as alternatives for the dominating Tether (USDT), continue to pop up at least once a month recently. And the latest coin to hit the market involves the founder of popular exchange OKEx, Star Xu. The CEO of OK Group today announced that his company is backing a new cryptocurrency that could be pegged to the U.S. dollar, in a partnership with SEC-regulated custodian Prime Trust.
I’m very excited about the strategic partnership with @PrimeTrustCo. We will carry out an in-depth collaboration and offer diverse, secure and regulatory compliant services with Prime Trust. I look forward to leveraging our synergies. https://t.co/omrIt2SI5j
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— Star Xu (@starokcoin) March 28, 2019
Binance, the world’s largest cryptocurrency exchange by traded value, also continues to expand stablecoin options for its clients. The exchange has added many non-volatile coins to its platform over the past few weeks, most recently supporting Circle’s USDC.
Prime Trust, however, is not the only company providing infrastructure and operational cryptocurrency custodianship for the wider investment management industry. Leading cryptocurrency exchange Coinbase, Japanese financial holdings company Nomura and most recently SIX Group, the owner of SIX Swiss Exchange, have all recently launched similar services for institutional investors.