USDK

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Discover USDK's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is USDK?

USDK (USDK) is a stablecoin operating on the Ethereum platform, designed to maintain a 1:1 exchange rate with the US dollar. It is backed by a 100% reserve held in a special account by Prime Trust, a US-licensed trust company, ensuring transparency and security. USDK aims to enhance crypto market transparency and provide a reliable trading experience, with a current supply of 28,600,072 tokens.

How is USDK used?

The crypto USDK (USDK) is a stablecoin designed to facilitate transactions and provide a reliable store of value in the volatile cryptocurrency market. It is fully backed by U.S. dollar assets, ensuring a 1:1 peg with the U.S. dollar, which contrasts with the price fluctuations of other cryptocurrencies like Bitcoin.

Key Uses of USDK
  1. Facilitating Transactions: USDK is used to facilitate transactions, pay for fees, and access specific features or benefits within its ecosystem. Its price stability makes it an attractive option for users seeking a reliable store of value.

  2. Staking and Mitigating Loss: USDK tokens can be used for staking and mitigating loss, providing users with additional ways to manage their assets.

  3. Digital Payments: USDK is designed to revolutionize digital payments by offering a stable and predictable digital asset. Its interoperability with multiple blockchains enables seamless integration of payment systems and applications across different platforms.

  1. Accessing Services: The token provides users with access to specific functionalities and services within its ecosystem, making it a versatile and useful asset for users.

Overall, USDK's stability and versatility make it a valuable asset for users seeking a reliable store of value and a means to facilitate transactions in the crypto market.

How do I store USDK?

To store USDK (USDK) tokens, you can follow these steps:

  1. Choose a Compatible Wallet: Select a digital wallet that supports the blockchain network on which USDK is issued. For example, if USDK is on the Ethereum blockchain, you can use a wallet that supports ERC-20 tokens.

  2. Create and Secure Your Wallet: Set up your chosen wallet by following the setup process, which typically includes creating an account, setting up security features like a strong password and two-factor authentication, and backing up your wallet securely.

  3. Obtain the USDK Token Address: Find the contract address for USDK tokens. This can usually be found on blockchain explorers like Etherscan for Ethereum-based tokens.

  1. Add the Token to Your Wallet: In your wallet, add the USDK token by pasting the contract address. This will allow you to view and manage your USDK tokens within the wallet.

  2. Transfer USDK to Your Wallet: Withdraw USDK tokens from an exchange or another source to your wallet address. Ensure you have the correct address to avoid any losses.

  3. Manage and Monitor Your Tokens: Use your wallet to send, receive, and monitor your USDK tokens. Always follow best security practices to keep your wallet and tokens safe.

For more detailed instructions and specific wallet tutorials, you can refer to resources like the Ledger Live guide for managing stablecoins or tutorials on storing USDT on Trezor Hardware Wallets.

How to buy USDK?

To buy USDK (USDK) tokens, follow these steps:

  1. Choose a Cryptocurrency Exchange: Select a reputable cryptocurrency exchange that supports USDK. Some popular exchanges include Coinbase, Binance, and BitPay.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves downloading the app or visiting the website, providing identification, and verifying your account.

  3. Add a Payment Method: Connect a payment method such as a bank account, debit card, or credit card to your exchange account. This will allow you to fund your account and make purchases.

  1. Select USDK: Navigate to the exchange's trading platform and select USDK from the list of available assets. You can search for USDK by typing it into the search bar.

  2. Enter the Amount: Enter the amount of USDK you wish to purchase in your local currency. The exchange will automatically convert this to the equivalent amount of USDK.

  3. Confirm the Purchase: Review the details of your purchase and confirm it. Once the order processes, you will be taken to a confirmation screen, indicating that you have successfully bought USDK.

  1. Store Your USDK: You can store your USDK in the exchange's built-in wallet or transfer it to a personal crypto wallet for safekeeping.

Remember to always follow the specific instructions provided by the exchange you choose, as the process may vary slightly.

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History of USDK

The history of USDK (USDK) can be traced back to its inception on July 29, 2019, when it was launched on the Ethereum platform. Since then, it has been actively traded on various markets, with a current supply of 28,600,072 tokens.

USDK is a stablecoin, designed to maintain a stable value relative to traditional fiat currencies. This stability is crucial for its intended use in various financial applications and transactions. The token's performance has been tracked by several cryptocurrency platforms, including CoinMarketCap and CryptoSlate, which provide real-time data on its price, market capitalization, and trading volume.

Historical data for USDK is available, showing its price movements over time. This data can be accessed in daily, weekly, or monthly formats, providing insights into the token's performance over different time periods.

USDK's price has fluctuated over time, with an all-time high of $1.12 on August 21, 2020, and an all-time low of $0.8346 on April 28, 2024. Despite these fluctuations, the token remains a significant player in the stablecoin market, with a strong presence on multiple exchanges and a dedicated community following its developments.

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How USDK works

The crypto USDK (USDK) is a stablecoin that is fully backed by U.S. dollar assets, ensuring a 1:1 peg with the U.S. dollar. This stability makes it a reliable digital asset for various financial transactions and investments. Here's how it works:

Backing and Peg

USDK is backed by a 100% reserve of U.S. dollar assets, which are held in escrow accounts managed by Prime Trust, a trusted financial organization. This reserve guarantees that each USDK token can be exchanged for one U.S. dollar, maintaining a stable value.

Token Functionality

USDK is a utility token that provides users with access to specific functionalities and services within its ecosystem. It is used to facilitate transactions, pay for fees, and access certain features or benefits. The token's stability and predictability make it an attractive option for users seeking a reliable store of value in the crypto world.

Security and Transparency

The USDK platform is secured through regular audits by trusted third-party organizations like Certik and SlowMist Contract. These audits ensure the security of the platform and users' funds. Additionally, the platform is fully decentralized, running on blockchain technology, which makes it publicly visible and trustworthy.

Use Cases

USDK's stability makes it suitable for various use cases, such as:

  • Digital Payments: USDK can be used for seamless digital transactions, offering a reliable alternative to traditional fiat currencies.
  • Investments: The token's stability makes it an attractive option for investors seeking a reliable store of value.
  • Hedging: USDK can be used to hedge against inflation or market volatility.
Availability and Trading

USDK tokens can be easily purchased through crypto trading platforms. Users can open an account, deposit fiat currency, and buy USDK tokens. The token is supported by various wallets, including PTPWallet, which offers a simple and interactive interface.

Overall, USDK's unique blend of stability, interoperability, and wide range of benefits makes it a promising player in the stablecoin market, poised to drive the adoption of stablecoins and shape the future of digital finance.

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USDK's strengths

The token USDK (USDK) has several strengths that make it an attractive option for investors:

  1. Guaranteed 1:1 Conversion Rate: Each USDK is backed by $1 USD from the Prime Trust Special Account, ensuring a guaranteed 1:1 conversion rate between USDK and USD. This stability is crucial for investors seeking a reliable store of value.

  2. Expertise and Credibility: The partnership between OKEx and Prime Trust adds credibility to the coin. OKEx is the world's second-largest crypto exchange by adjusted daily trade volumes, and Prime Trust is a US-licensed trust company responsible for the escrow accounts of TrueUSD, another stablecoin.

  3. Regular Audits and Transparency: Monthly audit reports are provided to maximize transparency to the public. This level of transparency helps build trust among investors and ensures the stability of the coin.

  1. Strong User Base and Liquidity: The coin has a strong user base and offers a high level of liquidity in the stablecoin market. This liquidity is further enhanced by its listing on OKEx's fiat-to-token trading platform against six fiat currencies and its spot trading platform with 11 trading pairs.

  2. Security and Compliance: The smart contract has passed audits by Certik and SlowMist, ensuring the security of the coin. Additionally, OKLink provides anti-money laundering and KYC services, ensuring compliance with regulatory requirements.

These strengths contribute to USDK's appeal as a reliable and secure stablecoin in the cryptocurrency market.

USDK's risks

USDK (USDK) is a stablecoin that claims to maintain its value by being linked to certain reserve assets, primarily the US Dollar. As a stablecoin, USDK is exposed to several financial risks that can impact its stability and value:

  1. Counterparty Risk: USDK relies on a third party to maintain the collateral backing its value. If this third party fails to maintain the collateral, it can introduce significant risk to the asset.

  2. Redemption Risk: If USDK claims to be redeemable for its underlying collateral, there is a risk that the redemption process may not work as expected, particularly during times of market volatility or operational issues.

  3. Collateral Risk: The value of the collateral backing USDK can decline or become volatile, affecting the stability of the asset. This is especially concerning if the collateral is another type of crypto-asset.

  1. FX Risk: As USDK is denominated in US Dollars, investors are exposed to movements in the exchange rate between the US Dollar and their local currency.

  2. Algorithm Risk: If USDK relies on an algorithm to maintain stability, there is a risk that the algorithm could fail or behave unexpectedly, causing the asset to lose its stability and potentially all its value.

These risks highlight the importance of thoroughly understanding the specific mechanisms and collateral backing USDK before investing.

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Did USDK raise funds?

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USDK’s team

  • OKLink Fintech Limited: OKLink Fintech Limited, a wholly-owned subsidiary of LEAP Holdings Group Limited (1499.HK), is the team behind the cryptocurrency token USDK. They focus on the R&D and application of blockchain technology, providing services such as stablecoin, blockchain big data, and blockchain asset custodian services.

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