OKX and Standard Chartered Launch Crypto Collateral Mirroring Pilot in UAE

OKX, a leading cryptocurrency exchange, has partnered with Standard Chartered to launch a pilot program for crypto collateral mirroring under the regulatory framework of the Dubai Virtual Asset Regulatory Authority (VARA). This innovative initiative aims to provide institutional clients with enhanced protection against counterparty risk while improving security and capital efficiency. By leveraging Standard Chartered’s status as a Globally Systemically Important Bank (G-SIB), the pilot ensures robust custodial services for crypto assets. This collaboration marks a significant step in bridging traditional finance with the digital asset ecosystem, offering institutional investors a secure and regulated environment to manage crypto collateral. The pilot, announced on April 14, 2025, underscores the growing integration of cryptocurrencies into mainstream financial systems, particularly in the UAE, a hub for digital asset innovation.

OKX and Standard Chartered Launch Crypto Collateral Mirroring Pilot in UAE

OKX and Standard Chartered have launched a pilot for crypto collateral mirroring within the Dubai Virtual Asset Regulatory Authority’s framework. This initiative allows clients to benefit from enhanced protection against counterparty risk and significantly enhances security and capital efficiency for institutional clients by using Standard Chartered, a Globally Systemically Important Bank (G-SIB), as the custodian for their collateral. Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered, stated that robust and secure custody solutions are critical in the digital asset landscape and that collaborating with OKX to enable the use of crypto and tokenized money market funds as collateral represents a significant step forward.

MANTRA’s OM Token Crashes 90% Erasing $5.5 Billion

MANTRA’s OM token experienced a sudden crash, falling from a high of $6.33 to below $0.50, resulting in a loss of $5.5 billion. The crash has been compared to the Terra LUNA meltdown, with thousands of holders reportedly losing millions. Multiple reports suggest that the trigger was a large deposit of 3.9 million OM tokens to OKX, linked to a wallet allegedly associated with the MANTRA team. This raised concerns about potential insider activity and price manipulation, as the MANTRA team reportedly controls close to 90% of the token’s total supply. The OM community has long expressed concerns around transparency, with allegations of team manipulation surfacing over the past year.