Huobi to add four new stablecoins
The cryptocurrency-exchange platform Huobi is planning on adding 4 new stablecoins to its platform later this week. It has been said that the 4 new stablecoins are; Paxos Standard (PAX), Gemini Dollar (GUSD), TrueUSD (TUSD) and USDCoin (USDC). The 4 stablecoins would be available for trading on the platform starting from 19 October 2018.
What are these new stablecoins? The first one is PAX. PAX is a newly launched digital assets that is linked to the US dollar and has been launched by Paxos Trust. Investors can trade in this stablecoin under the supervision of the New York State Department of Financial Services (NYSDFS). Second one to be launched on the platform starting from tomorrow is the GUSD. GUSD claims to be the first regulated stablecoin in the world. GUSD was recently launched by Cameron and Tyler Winklevoss, also under the supervision of NYSDFS. Like most other major fiat-stablecoins, each GUSD-token supported by $1.00 in fiat currency.
Last but not least, the TUSD and the USDC. The TUSD is also linked to the US Dollar. TUSD is the stablecoin that is trusted by multiple banking partners, while the USDC which is issued by Circle, is more suitable for financial institutions. The USDC allows participants to take part through the open membership and offers financial solutions that try to solve the current crypto-market problems.
Currently Huobi is the fifth largest cryptocurrency-trading platform worldwide. They also make it possible to trade the Tether’s USDT-token, which is also a stablecoin linked to the US dollar. Tether is the developer of this token and is fully covered by foreign exchange reserves. By adding the other 4 stablecoins, Tether is getting more competition.
Huobi is certainly not the first platform to add more stablecoins. OKEx announced earlier the possibility of trading in the USDC, GUSD, TUSD and PAX on their platform.