Huobi will launch an all-in-one stablecoin

Stablecoins • October 19, 2018, 3:39PM EDT

UPDATED: February 11, 2020, 4:20PM EST

Huobi, the fourth most popular exchange by volume, announced this morning that it will launch an all-in-one stablecoin wrapper called HUSD. HUSD will support all four regulated stablecoins: TrueUSD, Paxos Standard, USD//Coin and Gemini dollar. After depositing any of these four stablecoins, they will be shown as HUSD in the account. Users will be able to withdraw any stablecoin regardless of which one was deposited. Huobi says that HUSD will help to eliminate the need to choose between multiple stablecoins as well as save costs when switching between stablecoins.

Moreover, Huobi said that it will evaluate other stablecoins and potentially add more in the future. The four existing stablecoins will also be evaluated on real time basis and if they don't meet the corresponding risk control standards, they will be removed. The deposits of stablecoins will start on October 19 and USDT/HUSD pair will be listed on October 22. Other pairs like BTC/HUSD and ETH/HUSD will be listed in the future "after evaluating market conditions". The withdrawal services of the stablecoins will start "in one to two weeks".

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Larry joined crypto research full time in early 2017 and has expertise in capital markets, market structure and early stage DeFi companies/protocols and token economics. He has a background in economics and finance.