In the latest in a growing list of exchanges adding support for stablecoins, Singapore-based cryptocurrency exchange Houbi announced via a blog post that it will be adding support for four new US dollar-pegged stablecoins this week.
Huobi stated in their blog post that Paxos Standard Token (PAX), True USD (TUSD), USDCoin (USDC) and Gemini Dollar (GUSD) will be available on the exchange from October 19, 2018.
Huobi is the fourth largest exchange for the trading of Tether, with CoinMarketCap data revealing $231 million worth in the last 24 hours.
VP of Houbi Group Livio Weng told CoinDesk:
"Tether is one of the biggest stablecoins in the market, and realistically it will take some time before other stablecoins can catch up. We currently have no plans to restrict trading, deposits, or withdrawals in regards to Tether. However, in the interest of providing users with more choice, we are also in the process of listing several new stable coins."
Huobi has also added that, given the relatively small capitalization of the stablecoin market and the fact that it isn’t suitable for large-scale trading, the exchange is looking to institutional investors and over-the-counter (OTC) traders to help spur demand.
The news comes on the heels of USDT’s price crash that saw the coin hit an 18 month low after concerns were raised regarding the liquidity of its developer. Read more here.