OKCoin USA to Release New Chinese Yuan (RMB)-backed Stablecoin

OKCoin USA to Issue Stablecoin

Star Xu, founder of OKCoin and OKCoin USA, tweeted that he believes that the forecast for stablecoin will be highly bullish this year.

He wrote,

“Embracing the tide of technology, the launch of a (yuan-backed stablecoin) is an inevitable trend, and it will significantly improve the internalization of the RMB” and that “OKCoin USA will launch a fully complaint stablecoin.”

There has been interest recently concerning tying stablecoins tied to a major fiat currency. As Bitcoinist reported, the Winklevoss Twins’Gemini exchange was able to launch a USD-backed stablecoin asset last September and a Blockchain Trust company called Paxos.

As for the Japanese market, GMO, an internet giant, confirmed plans to release its own stablecoin that is supported by the yen.

Xu also reported that he believes there is major potential in cryptographic “electronic money” that complements fiat, both in China and overseas.

Xu tweeted:

“Stablecoins are in essence electronic cash. They have the same attributes. The central bank issues the currency and then it is distributed peer-to-peer. The difference is it’s electronic.”

He added,

“Today, the amount of cash in China’s domestic monetary system is not small . . . The dollar-pegged (stablecoin) regulated by the US government will strengthen the penetration of the US dollar 100 fold.”

Xu’s optimism has seen repetition worldwide. Bitcoinist reported that Charlie Shrem described the Winklevoss offering as “solid, stable” and able to “span decades.” Further CoinShares’s Meltem Demirors described dollar collateralized stablecoins as “only marginally interesting at best.”

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