Huobi Global has announced the launch of “an all-in-one program”, which the digital asset exchange refers to as HUSD. According to Huobi, HUSD “is an integrated solution” aimed at several different types of stablecoins, and the “trading needs”, or requirements, of cryptocurrency traders.
Huobi Global’s blog post explains that HUSD has been developed to achieve the following:
- “eliminate the need to choose between multiple stablecoins”.
- “save costs when switching between stablecoins.”
Additionally, stablecoin deposits (on Huobi’s exchange) will be displayed as HUSD in user accounts. Withdrawals can be made in any stablecoin the user prefers.
In the case that the amount, or value, of a stablecoin being withdrawn is not sufficient in a users’ account balance, then withdrawals with other stablecoins will be permitted (provided there is a sufficient balance), Huobi’s blog noted.
Supporting Stablecoins: TUSD, USDC, GUSD, PAX
As explained in Huobi’s post: “For example, when you deposit 1 Paxos Standard Token (PAX), it will show as 1 HUSD in your account, and you can withdraw 1 True USD (TUSD). [Bear in mind, this does not include] transaction fees on the blockchain.”
At present, Huobi’s HUSD solution offers support for the following stablecoins: Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollars (GUSD).
The exchange’s notice also said:
We will keep a close watch on new stablecoins that appear on the market and optimize the HUSD standards. We look forward to more stablecoins being involved in the HUSD system. Concurrently, we will evaluate the existing stablecoins in the HUSD system on a real time basis, if the stablecoin doesn’t meet the corresponding risk control standard, we will remove it off from the HUSD system.
Reacting/Responding To Concerns About Tether And Bitifinex’s Operations
As CryptoGlobe reported on October 15th, there had been a massive Tether (USDT) selloff amid heightened concerns, or fears, in the crypto markets regarding Bitfinex’s and Tether’s banking operations.
The market’s concerns have now led to the emergence of many other stablecoins, and popular crypto exchange OKEx announced on October 15th that it would begin listing PAX, GUSD, USDC, and TUSD.
Notably, Singapore-based Huobi announced a day later (October 16th) that it would begin supporting these stablecoins as well – while also calling on potentially large market makers to help growth their relatively smaller circulation.
