OKB, the native digital currency of the OKX cryptocurrency exchange, has joined the list of assets that is ending this week as the best-performing coin. At the time of writing, the cryptocurrency is changing hands at $54.05, up 11.05% over the past 24 hours, per data from CoinMarketCap.
With the reported crackdown on the Paxos Trust platform, the issuer of the Binance USD (BUSD), stablecoin earlier this week, sufficient FUD was sent to an industry that forced most cryptocurrencies to claw back some of their gains. For OKB, the reverse is the case, as it is up by 39% over the trailing seven-day period.
OKB token's growth stemmed from the announcement of the purported launch of the USDC Futures Contract. This announcement is one of the many initiatives from the trading platform to broaden its offerings and its attractiveness to retail traders across the board.
#USDC Futures Contracts INCOMING 🚀— OKX (@okx) February 17, 2023
📢 USDC-margined futures for $BTC and $ETH go LIVE 🟢 at 3:00 pm Feb 21 (UTC).
The USDC Futures Contract is even a very unique offering considering the broad-based regulatory concerns surrounding stablecoin issuance in the United States. With the U.S. Securities and Exchange Commission (SEC) tagging stablecoins as unregistered securities, many exchanges are steering clear of any asset already marked by the regulator.
OKX taking advantage of trend
OKX Exchange is notably riding the trend, counting on the premise that it is not registered as a Money Service Business in the United States. While the SEC has not yet flagged USDC, the broader uncertainty in the industry is likely motivation for investors to seek alternative offerings offshore.
OKX can be said to be positioning itself for this eventual embrace with a series of new product listings announced this week. Riding on the positive ecosystem surrounding the OKB token, a recent projection from U.Today has pitched the coin to top $60 if the current buying momentum is sustained.