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. Its primary purpose is to provide a stable and scalable cryptocurrency for decentralised finance (DeFi) applications and as a medium of exchange.
USDK functions as an ERC-20 token on the Ethereum blockchain, inheriting Ethereum's consensus mechanism, which is transitioning from Proof of Work (PoW) to Proof of Stake (PoS). It is backed by US dollar reserves managed by Prime Trust, which ensures compliance and transparency through monthly attestations. While no unique algorithms are mentioned, USDK leverages smart contracts for transactions and integrations within the Ethereum ecosystem.
USDK has several real-world applications, including:
It is used across industries such as DeFi, cryptocurrency trading, e-commerce, blockchain gaming, and cross-border finance.
USDK was launched in 2019 by OKLink and Prime Trust. OKLink Fintech Limited, a subsidiary of OKG Technology Holdings Limited, developed the USDK blockchain protocol, while Prime Trust acts as the issuer and administrator.
Significant milestones include:
Since its inception, USDK has established itself as a compliant and transparent stablecoin, gaining adoption through integration with multiple blockchain networks and listing on major exchanges. Its role in various DeFi applications continues to expand.