Cryptocurrency exchange Huobi in cooperation with Stable Universal and Paxos Trust Company will issue its own ERC-20-based stablecoin called HUSD.
We’re pleased to announce the upcoming launch of HUSD Token, the first regulated Tether alternative to be fully listed and integrated with Huobi Global.— HuobiGlobal (@HuobiGlobal) July 18, 2019
Learn more: https://t.co/Tvb9Ih7yVn
The stablecoin will be pegged at a ratio of 1:1 to the U.S. dollar.
The announcement highlights that in order to ensure full backing of every HUSD token and regulatory oversight, every dollar backing HUSD Token "will be held in reserve by the Paxos Trust Company."
Livio Weng, CEO of Huobi Global, says the exchange is proud to partner with Paxos and Stable Universal on this pioneering project and look forward "to bringing the new HUSD Token to over ten million users across Asia and the world."
"It is truly exciting to see the HUSD project grow from a stablecoin solution to a stablecoin in its own right," Weng added.