Former Bitfinex exec joins stablecoin liquidity initiative hoping to fuel 'mass adoption'

Phil Potter, a former Bitfinex and Tether executive, will sit on the advisory board for a new venture allegedly offering a clearinghouse for stablecoins, its leading firm XBTO announced Tuesday., which is currently under development and seeking a license in Bermuda, hopes to boost fiat-pegged tokens' liquidity and accessibility, according to a press release. The platform will serve as a traditional clearinghouse, where users can exchange a range of stablecoins including USDT, PAX, and USDC at “a liquid market price and for a fixed minimal fee.” GUSD, TUSD, and DAI will also be supported.

“The stablecoin market at the moment is inefficient and has various disparate stablecoins, with users needing to transact several times with different parties to exchange one stablecoin for another,” XBTO's founder and Stablehouse's interim CEO Philippe Bekhazi said in a statement. “Stablehouse will address this by serving as a centralized platform that gives issuers, holders and exchanges certainty over access and liquidity, creating enhanced confidence for investors, developers and merchants.”

Stablecoins have faced a host of issues in recent months, culminating in Tether's price taking a dramatic hit after breaking its dollar parity late last year, and fellow project Basis being forced to close. The new platform hopes to help stablecoins see "mass adoption," and the infrastructure to execute its use case. 

Potter will be joined on the board by David Namdar, a founding partner of Galaxy Digital and Samson Mow, CSO at Blockstream.