There has been news on stablecoins scattered around the space recently and maybe the best way to start the week was to go in a different direction but the news from Huobi is too tasty to not give attention too.
Stablecoins are getting more and more popular by the minute and is now starting to get meta. The second largest exchange in the world, Huobi has revealed the launch of HUSD but this isn’t technically a stablecoin. Instead, it is an integrated solution which, in itself contains several stablecoins. The aim is to save traders from having to choose between several ‘pegged’ coins. Multiple exchanges now list stablecoins which are often paired against each other – this includes Huobi.
According to Bitcoin.com, the Singapore based firm went on to explain:
“When you deposit any kind of stablecoins, they will be shown as HUSD in your account. You may withdraw any kind of stablecoin… For example, when you deposit 1 PAX, it will show as 1 HUSD in your account, and you can withdraw 1 TUSD.”
Given that stablecoins can usually be relied on to adhere to the US dollar, the solution should save time for Huobi and their clients.
“We look forward to more stablecoins being involved in the HUSD system. Concurrently, we will evaluate the existing stablecoins in the HUSD system on a real-time basis, if the stablecoin doesn’t meet the corresponding risk control standard, we will remove it,”
The Huobi Token is currently in the red down 1.83% and is priced around $ 1.61 at the time of writing.
To find out about the four new coins that are available on Huobi, check out our recent video on our YouTube channel!
The number of digital currencies that be used as collateral is always growing. Salt used “Very lending, much liquidity” as their tagline used to introduce their latest altcoin lending option. Crypto users can now deploy DOGE as collateral as well as Litecoin, Ethereum and Bitcoin. Crypto-fiat loans can be obtained for up to 36 months with an APR which begins at around 6%.
What are your thoughts? Let us know what you think down in the comments below!
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