OKLink Releases the first USDK Audit Report – Fully backed by Reserves of USD
OKLink, a wholly-owned subsidiary of the public traded company- Leap Holdings Group Limited, released the first USDK audit report by the 3rd party audit company, Armanino, on July 1 (EST), according to the report released on its website.
According to the audit report, the reserve amount in the Prime Trust special account is USD 23,000,072, which is 1:1 to the total supply of USDK. All amount of tokens issued by OKLink and outstanding (total circulating token supply) can be viewed in the USDK smart contract address (0x1c48f86ae57291f7686349f12601910bd8d470bb) and publicly available to view on the Ethereum public blockchain.
“USDK will address the pain points of lack of regular auditing and transparency in reserve fund backing the stable value of a stablecoin. We are very happy to have highly reputable partners -Prime Trust and Armanino to achieve that goal,” said Zhang Chao, Vice President of Products at OKLink.
As previously reported, USDK is a compliant USD-pegged stablecoin co-launched by OKLink and Prime Trust. In their partnership, OKLink serves as the technology service provider for developing the USDK smart contract, with Prime Trust acting to provide Anti-Money Laundering and Know Your Customer compliance, as well as other transaction technology services.
The first audit report of our stablecoin $USDK's dollar reserve by Armanino is released on 1 July (EST). Currently, a total of 23,000,072 $USDK is issued and the same amount of US dollars are held in reserve in the Prime Trust special account.https://t.co/qWC5RVvyFJ pic.twitter.com/xZyHEoyuJX
— OKLink (@OKLink) July 2, 2019
The stablecoin was first launched on OKEx’s fiat-to-token (C2C) trading platforms against 6 fiat trading currencies and on spot trading platform with 11 trading pairs.
Notably, the world’s leading crypto exchange Bitfinex also announced June 12 to support USDK and OKB-the native utility token of OKEx.
According to data from Etherscan, USDK posted a supply record of more than $23 million within half a month, an achievement made faster than any other competitor stablecoins based on public information recorded.
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