Cryptocurrency exchange Huobi has launched the HUSD program that will make it easy for customers to trade against different stablecoins and manage their portfolio.
Huobi Introduces HUSD
One of the leading cryptocurrency exchanges in the world, Huobi has announced the launch of its HUSD Stablecoin solution on its trading platform. The announcement was made earlier Friday through the company’s official help desk.
This development is aimed at simplifying the management of stablecoins on the Huobi platform and making it easier to trade with just HUSD pairings. According to the announcement, HUSD is an integrated solution targeted at multiple stablecoins that helps to:
- eliminate the need to choose between multiple stablecoins;
- save costs when switching between stablecoins.
Currently, four stablecoins will be supported under the program – Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD). When a customer deposits any of the supported stable coins on the exchange, it will show up as HUSD in the customer’s account. The customer would then be free to withdraw their HUSD balance in any of the supported stablecoins regardless of which one was deposited.
The trading of cryptocurrencies and token on the exchange would be available with the HUSD pairing. The announcement further elaborates:
We will keep a close watch on new stablecoins that appear on the market and optimize the HUSD standards. 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 off from the HUSD system.
Details of Launch
The details of the HUSD launch are as follows:
- Deposit service of PAX, TUSD, USDC, and GUSD began on October 19th at 16:00 (GMT+8).
- USDT/HUSD trading pair will be listed on October 22nd at 10:00 (GMT+8) on Huobi Global.
- Transfer service of HUSD between Huobi OTC and Huobi Global will begin on October 22nd at 10:00 (GMT+8)
- Trading services of HUSD on Huobi OTC will begin on October 23rd at 10:00 (GMT+8).
- Huobi Global will commence BTC/HUSD and ETH/HUSD trading after evaluating market conditions (exact date and time to be announced).
- Huobi App will support the trading service of USDT/HUSD, and the deposit and withdrawal services of HUSD will be available in the next App version.
- Huobi Global will start the withdrawal services of the stablecoins in one to two weeks (exact date and time to be announced).
While this move will help the customers by simplifying trading, it would also help the platform manage and support the growing number of stablecoins by having only one trading pair in HUSD.
Do you think Huobi’s new HUSD solution will simplify stablecoin management and trading for the platform’s customers? Let us know in the comments below.
Images courtesy of Shutterstock