Huobi Unveils New ‘All-in-One’ Stablecoin for Stablecoins (Except Tether)
Cryptocurrency exchange Huobi announced today that it has launched its very own interchangeable stablecoin dubbed HUSD.
Huobi, which is currently the third largest cryptocurrency exchange by means of traded volume according to data from CoinMarketCap, announced the launch of its own stablecoin HUSD.
Notes Livio Weng Vice President at Huobi:
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.
According to the official release, the new solution intends to eliminate the need to choose between multiple stablecoins.
When a user deposits any kind of stabelcoin in his Huobi account, they will be displayed as HUSD. At the same time, users will be able to withdraw any kind of stablecoin as soon as the amount of the particular stablecoin is sufficient in their balances.
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). Reads the announcement.
Supposedly, this will also help users save when they are switching between different stablecoins.
Tethers Out of the Picture
According to the release, the brand new HUSD solution currently supports only four kinds of stablecoins. Notably, though, Tether (USDT) has been left out. Users will be able to exchange their HUSD for Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollars (GUSD).
Despite not including Tether, Huobi will be working to involve more stablecoins in its HUSD solution:
We look forward to more stablecoins being involved in the HUSD system. Concurrently, we will evaluate the existing stablecoins in the HUSD system on a real time basis, if the stablecoin doesnt meet the corresponding risk control standard, we will remove it off from the HUSD system.
What do you think of Huobis new stablecoin? Dont hesitate to let us know in the comments below!
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