OKLink, a blockchain technology company, and Prime Trust, a chartered Trust Company based in Nevada released on Septemeber 4, the third audited trust holding report for USDK, a US Dollar-backed ERC-20 stablecoin.
A Stablecoin You Can Trust
OKLink, a wholly-owned subsidiary of the Malta-based cryptocurrency exchange OKEx, released the third USDK audit report by the third party audit company, Armanino, on September 4, 2019, in order to provide maximum transparency regarding the amount of USD held by Prime Trust.
According to the audit report, the reserve amount in the Prime Trust special account is $ 28,600,072 USD which means that the token is fully backed by the United States Dollars. Being an ERC-20 token built on the Ethereum blockchain, the total amount of tokens issued by OKLink, the circulating supply, can be verified in the USDK smart contract address 0x1c48f86ae57291f7686349f12601910bd8d470bb.
The reports released by OKLink are published monthly and up to now have always confirmed the reliability of the stablecoin. In all three reports, in fact, the amount of dollars managed in Prime Trust’s account has always fully matched the balance of USDK tokens issued and outstanding.
These examinations are conducted in accordance with standards established by the American Institute of Certified Public Accountants and aim to improve the transparency of the funds that usually back stablecoins, as major revelations during 2019 showed that market-leading stablecoin USDT is not fully backed by US dollars.
As reported in June by BTCManager, USDK is a compliant USD-pegged stablecoin co-launched by OKLink and Prime Trust. In their partnership, OKLink serves as the technology service provider for developing the USDK smart contract, while Prime Trust is a U.S. based trust company providing a wide array of blockchain and cryptocurrency services to customers including custody, escrow, funds processing, and Anti Money-Laundering (AML) compliance.
The token made its debut on OKEx on June 3, 2019, and besides its native exchange, is available also on Coinall. The token had a surprisingly fast development as only after a few months it has a supply record of more than $28 million USD and, starting from mid-August, has more than tripled its trading volume.