Four new stablecoins, namely Paxos Standard (PAX), Gemini Dollar (GUSD), TrueUSD (TUSD), and USDCoin (USDC) are all set to be listed later this week by Huobi global.On it’s website in an announcement the cryptocurrency exchange revealed that the four new assets will to live on October 19.
PAX issued by Paxos trust and regulated by the New York state department of financial services is a newly launched dollar asset which is pegged by Dollar. Under the supervision of NYSDFS participants are allowed to trade with USD endorsed and USD dominated assets.
More recently Cameron and Tyler Winklevoss-owned Gemini exchange issued GUSD which is claimed to the first regulated stable coin also under NYSDFS supervision. GUSD is backed by $1.00 in hard currency just like other major stable coins.
TUSD is a dollar-based stablecoin which is trusted by many banking partners it is also collateralized, while circles USDC token joining through its membership to eligible financial institutions and also offers solutions to cryptocurrency market problems.
Houbi also hosts ‘tether’ which is Tether’s USDT token which is also dollar pegged stablecoin . Huobi is the fourth largest cryptocurrency trading platform. Tether, the token’s developers have claimed, is fully-backed by currency reserves, though it was trading 3.5 percent lower than its supposed value at $0.965 as recently as yesterday. It fell to around 93 cents at one point during the day but is now trading near $0.98. Concerning its claims for holding enough USD reserves to back tether tokens in circulation the company Tether limited behind the token ‘tether’has been in a spotlight.
Recently tether lost it’s USD peg in flurry if market activity falling as low as $ 0.85 as reported by CNN. There is a sustained negative market sentiment for stablecoin lodestar. Though the entry of new stablecoins over past few weeks in the battleground of stablecoins has put pressure on it, it still continues to dominate the major trading volume of stablecoins as reported around 98 percent.
OKEx another major crypto exchange announced the listing of USDC, GUSD, TUSD, and PAX as four stable coins which are new upstarts are all set to take the battle of stablecoins with USDT.
The move from Huobi follows closely on the heels of an almost identical announcement about the listing of the same four stablecoins by the second top crypto exchange by trading volume, OKEx, yesterday, Oct. 15. OKEx has already launched deposits in the four stablecoins, with withdrawals available starting soon.
Also on Oct. 15, blockchain trust company Paxos announced it had issued about $50 million worth of its stablecoin Paxos Standard Token. The Ethereum (ETH) blockchain-based stablecoin has received regulatory approval from the New York State Department of Financial Services (NYDFS) on September 10, together with another stablecoin Gemini Dollar that was launched by Winklevoss brothers.
Recently, U.S.-based cryptocurrency payment processor BitPay also launched stablecoin support, enabling merchants to receive settlements in Gemini Dollar and Circle USD Coin (USDC).
The Huobi Global team noted that the stablecoins are already available on Huobi Wallet, while the launch time and other details are set to be announced at a later time. Huobi also stated that they will release detailed plans for over-the-counter (OTC) trading of the stablecoins on Huobi OTC “soon.”
Huobi Group is a world-leading cryptocurrency financial services provider. In 2013, the founding team foresaw the great potential of the blockchain industry to revolutionize the future of the global financial system. Very quickly, they founded Huobi.com with a mission to both make the financial industry more efficient, and to make wealth more accessible to everyone.