CoinEx, a global and professional digital coin exchange service provider was made the USDT Credit Default Swap Contract online on April 4th, 2018. To cushion the effects of risks, CoinEx released the contract with the rules as follows:
- Each CDS contract has to be specified with contract value and delivery time.
- When a contract term is due and delivered, the holder of each contract A will get the amount that equals to USDT/USD from the value of a CDS contract, and contract B holder gets the rest.
- The price of delivery will be the 24-hour average price before delivery time.
USDT is a crypto asset issued on the Bitcoin blockchain via the Omni Layer Protocol. Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited and can be redeemed through the Tether Platform. USDT can be transferred, stored, spent, just like bitcoins or any other cryptocurrency, users can transact and store tethers with any Omni Layer enabled wallet. There’s no fee for creating new contracts; 0.1% fee against the value will be charged for contract conversion.
The core team of CoinEx is from world leading internet and finance companies, including the earliest adopters/professionals of cryptocurrency who boast rich experience in R&D, global operations and, services in the industry. With its proprietary trade matching system and excellent user experience, CoinEx is dedicated to building a highly secure, stable and efficient digital coin exchange for global users. They do all this while providing support in multiple languages and trading services in nearly 100 regions.