Digital Assets: Anchor Protocol, Arweave, Stellar USDC Stablecoin Now Tradable via Okcoin

Digital assets platform Okcoin is the first US regulated crypto-asset exchange to provide stablecoin USDC on top of Stellar.

You may now deposit, withdraw, and trade Stellar USDC against US dollars via Okcoin. This offer is for all Okcoin clients “except for residents of the EU, the UK, Singapore, and Brunei”. Users have been able to deposit, withdraw, and trade this crypto token since February 9, 2022.

As explained in the update, Stellar USDC is the combination of two big innovations in the payment world, Stellar and USDCoin (USDC). Stellar is described as “an open source blockchain project that focuses on low-cost, high-speed cross-border payments.”

USDC is “fully backed by cash and equivalents and short-duration U.S. Treasuries, so that it’s always redeemable 1:1 for U.S. dollars.” Using USDC on top of Stellar provides yet another way “to deposit and withdraw money, with three big advantages:”

  • Empowerment. Users may choose which blockchain “to use when transferring crypto.”
  • Speed. Transactions on the Stellar blockchain are “typically confirmed in 3-5 seconds.”
  • Cost. The network’s transaction costs (regardless of size) “are negligible, currently averaging a little over 0.00001 XLM (Stellar network’s token).”

On top of that you can earn more on your USDC by staking it via Okcoin Earn. All you have to do is transfer Stellar USDC on Okcoin and lock it on Earn.

You may also start trading Anchor Protocol (ANC) — a first-to-list for US-based exchanges — and Arweave (AR) against USD on Okcoin.

You may now deposit, withdraw, and trade Arweave (AR) and Anchor (ANC) against USD on Okcoin. This offer is for all Okcoin customers including those in the US, “except for residents of the EU, the UK, Singapore, and Brunei.”

You may deposit, withdraw, and trade these tokens (as of February 8, 2022).

As noted in the update ANC is the governance token of the Anchor Protocol. Anchor is a decentralized finance (DeFi) protocol providing lending services against Terra stablecoin deposits. The rates Anchor offers are “powered by a bundle of staking rewards from major DeFi platforms, making them usually much more stable than traditional money market interest rates.”

The governance feature includes:

  • depositing to create governance polls
  • staking ANC to vote on these polls

Okcoin is reportedly the first US regulated exchange to provide ANC against USD.

As explained in a blog post, AR is the token of Arweave, which is described as a protocol designed to offer decentralized, scalable, and permanent on-chain data storage. A bit like how some people call Ethereum the world’s computer, Arweave can be “thought of as the world’s hard drive.”

The AR token is “the main payment and utility token on Arweave but it can also be used to purchase cloud storage space.” There is thus “an AR price per GB of data stored on the blockchain.”

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