Huobi Follows OKEx In Listing Four New Stablecoins: TrueUSD (TUSD), Paxos Standard (PAX), Gemini Dollar (GUSD), USDCoin (USDC)
Huobi, currently the fifth largest cryptocurrency exchange by volume, has added support for four new stablecoins pegged to the U.S. dollar.
Huobi, currently the fifth largest cryptocurrency exchange by volume, has added support for four new stablecoins pegged to the U.S. dollar. The four stablecoins, all pegged on the U.S dollar, are:
An official statement released on Tuesday, October 16 said that the crypto exchange would offer all four assets at once. Huobi will begin accepting deposits for the listed stablecoins on Friday, October 19, 2018.
Per the platform’s team, details about when trading begins plus other announcements would follow at a later date. However, they reiterated that the stablecoins are currently available on the exchange’s Wallet.
The Huobi team also announced that details on over-the-counter (OTC) trading for the listed stablecoins would soon be available on Huobi OTC.
Additionally, the exchange has also asked any institutional trader, acceptance dealer, or OTC market maker who needs more assistance about the coins to contact its support team.
Huobi follows OKEx
Huobi’s move to list the new stablecoins comes just a day after OKEx, the second largest crypto exchange announced the listing of these four stablecoins.
OKEx has so far provided the trading pairs for each coin, accepted deposits and indicated that withdrawals are available beginning 5.00 pm on Tuesday, October 16.
At the same time, Paxos announced on October 15 the issuance of $50 million worth of the Paxos Standard Token (PAX).
The stablecoin, deployed on the Ethereum (ETH) blockchain, is one of the first to be granted regulatory approval by the New York State Department of Financial Services (NYDFS).
The NYDFS granted the company behind the stablecoin approval on September 10, at the same time as Gemini Dollar by the Winklevoss brothers.
On October 16, U.S.-based crypto payment processor BitPay announced that it was launching support for stablecoins. The payment protocol makes it possible for merchants to receive payments settled in Gemini’ GUSD and Circle -issued USD Coin (USDC) stablecoin.
Tether (USDT) Troubles
The listing of the four stablecoins on two of the largest cryptocurrency exchanges comes at a time when the market leader, Tether (USDT), is trying to shake off negative sentiments.
Currently, with a market cap of over $2 billion and ranked 8th on CoinMarketCap, Tether saw its value hit a new low on Monday, the lowest it had fallen since April 2017.
USDT’s price dropped to a low of $.925284 as other stablecoins as TUSD and GUSD soared. Similarly, Bitcoin (BTC) saw an upsurge in value with Bitcoin premium on Bitfinex rising to about 11 percent.
Currently, USDT is trading at $0.972090 against the US Dollar and is -0.49% down in the last 24 hours. Both Gemini Dollar and TrueUSD are trading at $1.02 against USD, though GUSD has seen its recent price jump decline by 10 percent in the last 24 hours.
Stablecoins to facilitate investment in cryptocurrencies
The launch of several new stablecoins has confused some people but this is actually a very positive development for the crypto industry.
For one, until earlier this year (March 2018) when TrueUSD (TUSD) was launched, Tether (USDT), the highly controversial stable coins, was the only player in town. Tether has a reputation for a lack of transparency, troubles with bankers, lawyers, lawmakers, and auditors.
The entry of new, highly regulated, audited and insured stablecoins can only lead to increased trust and therefore, investment by institutional players that previously could not touch the crypto industry with a ten-foot pole.
Stablecoins are important as they allow investors to quickly go back and force between crypto and fiat, something that is imperative to large traders.