Singapore-based Huobi, which is among the top-5 leading cryptocurrency exchanges in the world with the daily trading volume of more than $400 million, has announced its wallet will now support all seven stablecoins currently existing in the market.
"In addition to Tether (USDT), Huobi Wallet now supports True USD (TUSD), Dai (DAI), Paxos Standard Token (PAX), STASIS EURS (EURS), Gemini Dollar (GUSD), and USD//Coin (USDC), making it the first wallet to support all seven coins,"- the announcment states.
The addition of new digital analogs of USD and EURO is aimed at creating the alternatives to the exchange users, which earlier had access to the Tether coin. Recall that the first announcement regarding the listing of four new stablecoins was made just three days ago. The platform has promised to add $PAX, $TUSD, $USDC, and $GUSD to its exchange starting from October 19.
Back then, Huobi VP Livio Weng explained the company's decision to add new stablecoins, by not willing to refuse from Tether as it is “one of the biggest stablecoins in the market, and realistically it will take some time before other stablecoins can catch up.” At the same time, the platform is interested in providing its users with a greater choice and that’s why they were “in process of listing several new stable coins.”
In addition to the "full house" of stablecoins available for the Huobi Wallet users, the company has announced the start of the deposit for the $PAX, $TUSD, $USDC, and $GUSD at the exchange itself.
The selection of four stablecoins newly presented on the platform became the base for a new one. Huobi's HUSD, will be exclusively trading on its platform and will be the exchange's native token.
We are pleased to announce $HUSD, an innovative new stablecoin solution, exclusively available on Huobi Global.
— Huobi Global (@HuobiGlobal) October 19, 2018
Find out more:https://t.co/5OSKVia2XE …
In Collaboration with:@paxosglobal @TrustToken @GeminiTrust #USDCoin
#HuobiGlobal #StableCoin pic.twitter.com/4RKAFaZcDc
HUSD Token is a new solution created by the platform that will “eliminate the need to choose between multiple stablecoins,” and will save the cost when the users of the exchange would like to switch between stablecoins.
“When you deposit any kind of stablecoins, they will be shown as HUSD in your account. You may withdraw any kind of stablecoin; when the amount of a particular stablecoin is not sufficient in your account balance, you may withdraw other stablecoins in which you have excess balances in,” the company explains.
The new option was created in collaboration with Paxos, Gemini, TrustToken and USDCoin teams.
The deposit options for PAX, TUSD, USDC, and GUSD became available starting today morning 09:00 AM (GMT+1).
In three days, in the early morning of October 22 at 03:00 AM (GMT+1), the exchange promises the start of USDT/HUSD pair listing on Huobi Global, the same pair will be supported in the next update of the Huobi App.
The exact date and time for stablecoins’ withdrawal services have not yet been announced, although it is expected in the upcoming 2-3 weeks.
Following the market conditions evaluation, Huobi Global has also promised the start of BTC/HUSD and ETH/HUSD pairs. The exchange didn’t announce the exact date either.
Huobi stated that the transfer of the HUSD token between Huobi Over The Counter (OTC) and Huobi Global will start at 03:00 AM, October 22 (GMT+1) while trading with the new token on Huobi OTC will start the next day at 03:00 am (GMT+1), October 23.
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