Crypto Exchange Huobi’s New All-in-one Stablecoin. Singapore-based Huobi, is all set to launch its very own stablecoin: HUSD; which they are claiming to be an all-in-one stablecoin solution. This initiative by the exchange platform, which is the third largest cryptocurrency exchange by means of traded volume, allows traders to exchange, switch, and swap between four different types of USD-pegged cryptocurrencies, also known as ‘stablecoins’ listed on its platform, in event of market fluctuations.
On Oct 19, Huobi explained in a press release that the “stablecoin HUSD solution” intends to help traders avoid confusion in choosing between the different stablecoins. It also aims to reduce the transaction cost of converting between the varying stablecoins. The new HUSD can exchange for PAX, USDC, TUSD, and GUSD.
The New Stablecoin HUSD:
Crypto Exchange Huobi’s New All-in-one Stablecoin. The launch of this new stablecoin proposed to meet ongoing demands from the market. During the last couple of months, the crypto market has seen the launching of various stablecoins: The Gemini Cryptocurrency exchange launched the Gemini Dollar (GUSD); Circle launched its USDC coin, Tether (USDT); Paxos Standard (PAX); and TrueUSD (TUSD).
All of these stablecoins are different, but they are not in the list on various exchanges. With the introduction of the HUSD coin, traders will get more options as it targets multiple stablecoins. Also, it will reduce the transaction cost in exchanging.
“It’s our great pleasure to announce the launch of HUSD, an all-in-one stablecoin solution. A market first, HUSD lets you deposit or withdraw with any one of four stablecoins. Deposit PAX, for example, and withdraw USDC with no conversion fees.”
-Livio Weng Vice President at Huobi
How the all-in-one stablecoin works is that whenever a Huobi user deposits a stablecoin in their account it will show up in HUSD. Later when users want to withdraw, they will have the option to withdraw HUSD to any other stablecoin.
“For example, when you deposit 1 PAX, it will show as 1 HUSD in your account, and you can withdraw 1 TUSD (not considering transaction fees on the blockchain).”
Benefits of the New Stablecoin:
- The new stablecoin HUSD, which is safer and more convenient, aims at eliminating the drawbacks of the holding stablecoins faced by other crypto exchanges.
- Huobi users are benefited by the lower transaction cost they will incur while exchanging between stablecoins and ensuring protection against the investors.
“We look forward to more stablecoins to involve 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.”
For the time being, this feature is available to only four USD-pegged stablecoins. Thus, making it easier for customers who use stablecoins on the exchange. It does not, however, include $USDT on its platform. Huobi states that they are monitoring all existing stable coins to date. Also, they are looking forward to adding new stable coins in the future.