USDK
Crypto Overview
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.
Crypto Impact
To assign a comfort level investing in USDK from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to USDK.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.