OPNX launches new credit currency, ‘oUSD,’ says it will help to protect users from any possible exchange insolvency.
Crypto futures exchange OPNX has launched a credit currency for margin trading, according to a July 5 statement made to Cointelegraph from the exchange’s co-founder, Mark Lamb. Called “oUSD,” the currency is available in its “phase 1” iteration, meaning that users cannot receive it without depositing crypto assets into the exchange.
In a future “phase 2” version, the platform intends to make oUSD available to users who deposit crypto into on-chain contracts to allow for possible “bankruptcy remoteness,” Lamb stated. In the currency’s litepaper, oUSD is identified as a solution to three problems. First, lenders do not want to trust platforms to hold cash loans backed by crypto collateral. Second, exchanges and lending platforms don’t want to lend cash to margin traders, as this practice led to multiple bankruptcies during the 2022 bear market. Third, crypto derivatives traders want “portfolio margin,” or the ability to borrow and trade based on their crypto holdings rather than their stablecoin holdings.
To solve this problem, oUSD exists as a “credit currency.” It can be purchased at a 1-to-1 ratio with Tether (
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kyle Davies evokes karma, says he'll donate some OPNX earnings to 3AC creditorsDavies, in a lengthy Twitter Spaces event on Monday, said he'd use the new OPNX crypto trading platform to 'donate' funds back to 3AC creditors.
Read more »
Kyle Davies to donate future OPNX earnings to 3AC creditors for 'karma'Kyle Davies, the co-founder of the bankrupt hedge fund Three Arrow Capital, says that he and Zhu Su will donate earnings from their newest crypto exchange OPNX to 3AC creditors.
Read more »
Jung Kook Solo Singles 'My You' and 'Still With You' Finally Get Streaming ReleaseJung Kook's latest solo release is scheduled to arrive on July 14, but he’s kicking things off early with two not-so-new singles: “My You” and “Still With You.”
Read more »
401(k) participants hit hard by weak 2022 stock marketVanguard reports a substantial decline between 2021 and 2022 in both median and mean 401(k) balances.
Read more »
Used Toyota AYGO X Review - 2022-presentRead the definitive used Toyota AYGO X 2022 - present review from What Car?. We tell you what you need to know before you buy.
Read more »
China Overtakes Japan To Lead The Global Automotive Export Charts In Q1 2023 | CarscoopsChina exported 3.32 million vehicles in 2022, and this number is set to increase this year car auto cars
Read more »