Huobi preparing ground for its own stablecoin, launch expected before June
One of the leading crypto exchanges in the world, Singapore-based Huobi has plans in place to launch its own stablecoin this year, according to a report by Cointelegraph. Speaking during a presentation in Singapore, CFO of Huobi, Chris Lee said that the exchange will continue on its expansion plans and will keep updating its trading platform.
Chris Lee said, “2018 brought us huge challenges but I’m personally optimistic about the crypto market. I do think we’ll see things get better this year. This year will be huge for stablecoins and we will be a part of that. Likely Huobi Group will launch its own stablecoin in 2019 in the first half of the year.”
This latest report comes in the midst of an explosion which has seen phenomenal growth in the number of stablecoins in the last one year. The report doesn’t mention the currency to which the stablecoin will be pegged. Stablecoins is seen by many as a step to foster wider adoption of cryptocurrencies as it takes out the risk posed by market volatility.
In October the crypto exchange announced the listing of four stablecoins– Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD). Practically speaking, all deposits made by users using any of these four stablecoins are converted into HUSD.
Earlier this month, the San Francisco-based crypto exchange HBUS announced that it is rebranding itself to Huobi. The exchange will start using the huobi.com domain name and Huobi Global will keep operating via hbg.com. This rebranding exercise will help HBUS gain immensely from the technical expertise and market experience of Huobi Global, especially with regard to security and it will also give it access to newer markets.
In another development earlier this month, the crypto exchange announced that it has relaunched crypto trading services in Japan and it will replace BitTrade which it acquired last year.
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