Okcoin is the first crypto exchange in the world to list OneCash’s Hong Kong dollar stablecoin, HKC. It’s available now, with some of the lowest fees around. 👀
- What? You can now deposit, withdraw, and trade HKC against USD now, and against USDT soon.
- Who? All Okcoin customers including those in the United States, except for residents of the EU, the UK, Singapore, and Brunei, can buy HKC.
- When? Deposit, withdrawal, and trading against USD are now live. The HKC/USDT pair will open on Friday, November 12. 🔥
OneCash is an Asian fintech platform focused on stablecoins. Stablecoins are cryptocurrencies pegged to fiat currencies, such as, in this case, the Hong Kong dollar (HK$), or to the price of commodities, like gold. The purpose of a stablecoin is to combine the agility of a cryptocurrency with the stability of a national currency. At the moment, OneCash’s stablecoin solutions center on Asian fiat currencies.
HKC is a stablecoin pegged 1:1 to the Hong Kong dollar, meaning the price of 1 HKC always remains equal to that of 1 HK$.
How does that work? HKC is issued by Definition Islander Technology Limited (“DITL”) and is backed 100% in cash. In order to maintain HKC’s stable peg, one HK$ is purchased for every new HKC token minted, and one HK$ is sold for every HKC burned. HKC’s purpose is to help buyers using HK$ easily access crypto markets.