Huobi, which is one of the world’s leading crypto exchange platforms, just announced the launch of its universal stablecoin called HUSD. Also, as Huobi crypto exchange announced, HUSD can be interchanged with Gemini Dollar (GUSD), USD Coin (USDC), managed by Circle, True USD (TUSD), and Paxos Standard (PAX).
Huobi also announced that the official release date of its stable coin would be October 22nd.
According to the third cryptocurrency trading platform’s representatives, the primary mission of HUSD would be to cut out the need to choose between various stable coins in the market and to reduce the costs of exchanging stable coins.
Moreover, the aggregation of four USD-backed stable coins, Gemini Dollar (GUSD), USD Coin (USDC), True USD (TUSD), and Paxos Standard (PAX) into a single stablecoin, HUSD, would boost the liquidity of the Huobi crypto exchange’s stable coin.
Also, since Tether (USDT) dropped, losing the parity with the US Dollar, Huobi listed GUSD, USDC, TUSD, and PAX to offer traders with more options regarding stable coins.
Huobi Crypto Exchange Platform To Launch Its Universal Stablecoin HUSD
As we’ve already mentioned above, Huobi crypto exchange will launch its stablecoin HUSD on October 22nd. Also, the HUSD would be interchangeable with Gemini Dollar (GUSD), USD Coin (USDC), True USD (TUSD), and Paxos Standard (PAX) which means that traders who want to withdraw HUSD can receive the funds in any of the before-mentioned assets, depending on his/her choice.
In that way, it would cost nothing to exchange HUSD with any coin of the before-mentioned four stable coins.
Additionally, a USDT/HUSD trading pair will also roll out on October 22nd, allowing traders to exchange Tether (USDT) with HUSD, so, subsequently, with Gemini Dollar (GUSD), USD Coin (USDC), True USD (TUSD), and Paxos Standard (PAX).
Also, Huboi will add BTC/HUSD and ETH/HUSD trading pairs, but the crypto exchange’s representatives did not mention when precisely would that happen.