USDK

USDK is a USD-pegged stablecoin issued by OK Link, a blockchain technology company, in partnership with Prime Trust. It was launched in 2019 as a stablecoin designed to maintain a 1:1 value with the US Dollar.

Purpose and Utility: USDK was created to serve as a stable medium of exchange and value transfer within the cryptocurrency ecosystem, particularly on the OKX exchange. Each USDK token is claimed to be backed by an equivalent amount of USD held in Prime Trust's custodial accounts.

Business Model: The core functionality involves users depositing USD to receive USDK tokens, which can then be used for trading or value transfer. When users want to redeem USDK for USD, they can do so through the designated channels. The business model appears straightforward and transparent.

Real-World Adoption: USDK has seen limited adoption compared to major stablecoins like USDT or USDC. Its primary use case remains within the OKX ecosystem, where it serves as a trading pair for various cryptocurrencies.

Platform Activity: The development and maintenance of USDK appear to be ongoing, though with minimal public updates. The token primarily functions as intended within its limited scope.

Token Distribution: USDK's token supply is managed by OK Link and corresponds directly to USD deposits. The token distribution model is transparent, with new tokens minted only when backed by actual USD deposits.