Xank

On August 17, 2021, Xank announced the temporary shutdown of the Xank.app shopping service due to compliance with South Korea’s Specific Financial Transaction Information Act, which came into effect on September 24, 2021. Users with eligible accounts were instructed to apply for withdrawals by August 31, 2021. Despite the shutdown, Xank token transactions remain available through other ERC20-compatible wallets such as Trust Wallet. The Xank team stated that this decision was necessary to comply with domestic regulations and assured users of future improvements to the service.

Xank (XANK) is a decentralised cryptocurrency that combines free-floating price dynamics with stable transaction functionality. It is designed to act as both a medium of exchange and an investment asset. Unlike traditional stablecoins, Xank does not maintain a fixed peg to a fiat currency. Instead, it provides price stability on a per-transaction basis through its "Stable Pay" mechanism, which adjusts the amount of XANK sent or received to ensure the recipient gets a fixed fiat-equivalent value at the time of settlement.

Xank operates on its own blockchain, which is derived from Dash, incorporating masternodes for transaction validation, governance, and funding mechanisms. A portion of block rewards funds the Xank Reserve, which enables Stable Pay transactions by dynamically calibrating the value of XANK against the IMF Special Drawing Rights (SDR) or other fiat equivalents.