SUMMERLIN, Nevada, July 3, 2019 /PRNewswire/ -- OKLink, a blockchain technology company, and Prime Trust, a chartered Trust Company based in Nevada announced today the first audited trust holding report for USDK, a US Dollar-backed ERC-20 stablecoin. OKLink and Prime Trust appointed the independent audit firm Armanino, one of the top 25 largest independent accounting firms in the United States, to provide monthly audits of the USD held in trust by Prime Trust for USDK token holders, providing maximum transparency to the public. Accordingly, Armanino has verified that there is a total of USD $23,000,072 held in trust, which 100% matches the balance of USDK tokens issued and outstanding.
USDK is a fully collateralized, US dollar stablecoin issued by Prime Trust, a US-chartered trust company, and powered by technology provided by OKLink. It is an open source project that holds a 1:1 ratio of USDK to USD in reserves held by Prime Trust. The trust reserves are audited by the third-party registered public accounting firm, Armanino.
Armanino, with its commitment to providing services to the blockchain industry and its high standards as a PCAOB firm has been appointed to perform monthly audits of the Trust and on USDK balances. Such examinations are conducted in accordance with standards established by the American Institute of Certified Public Accountants, to provide transparency of, and market integrity for the token.
For report details, please visit here.
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OKLink Fintech Limited, a wholly-owned subsidiary of LEAP Holdings Group Limited (1499.HK), focuses on the R&D and application of blockchain technology. The company provides blockchain services and applications, including stablecoin, blockchain big data, and blockchain asset custodian services.