OKCoin USA Will Issue Chinese Yuan StableCoin, Says CEO Star Xu

[Ozark]

The founder of Chinese cryptocurrency exchange OKCoin confirmed its US sister operation, OKCoin USA, will issue a stablecoin backed by the Chinese yuan (RMB).

XU: STABLECOIN WILL BE ‘FULLY-COMPLIANT’

In a series of tweets, Star Xu, who also founded both platforms’ parent company, OKGroup, delivered a highly bullish forecast on the future of the stablecoin market — which is seeing multiple market entrants this year.

“Embracing the tide of technology, the launch of a (yuan-backed stablecoin) is an inevitable trend, and it will significantly improve the internationalization of the RMB,” he wrote. “OKCoin USA will launch a fully compliant stablecoin.” More here.