Crypto exchange Huobi launches stablecoin

Katie McDonaldOctober 22, 2018
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Digital assets trading platform Huobi Global has launched its own stablecoin solution in a bid to offer up more consumer choice and greater trading liquidity.

Huobi’s HUSD stablecoin solution will provide users with the ability to make deposits and withdrawals in any of the four stablecoins Huobi’s exchange supports; the Paxos Standard Token (PAX), True USD (TUSD), USD/Coin (USDC) and the Gemini Dollar (GUSD).

Huobi said deposits made in any one of the four stablecoins would show up in user accounts as HUSD, and that withdrawals of HUSD would be free of charge and incur no transaction fees.

Huobi Group COO Robin Zhu said community concerns had been driving strong demand for stablecoins across the crypto space.

“We believe strongly in consumer choice. HUSD provides this in the form of an integrated solution that allows individual users to save costs and time when switching among stablecoins,” Zhu said.

“At the same time it will provide our community as a whole, greater liquidity when trading and investing with stablecoins.”

Deposits for PAX, TUSD, USDC and GUSD opened on October 19, however the withdrawal service for HUSD will open within the next two weeks.

“We plan to keep focusing on new stablecoins coming into the market and add them to our HUSD feature in order to optimise HUSD’s benefits,” Huobi Group Vice President Livio Weng said.

“Meanwhile we will perform continuous evaluation of all the stablecoins within HUSD. If any one of them doesn’t meet our strict risk control standards, we will not hesitate to remove them from the HUSD system.”

Huobi said the Tether stablecoin would remain listed separately on Huobi Global as USDT for now.

 

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