Huobi have taken the stable coin to another level, not only by recently adding four new stable coins, but by adding an all-in-one fifth stable coin to operate as the balance stable coin for all coins on the Huobi exchange.
In a recent announcement, Huobi mentions that $HUSD will be a stable coin program that will reduce costs, and eliminate the ability of choosing between the newly added stable coins on the exchange.
Due to the BitFinex FUD surrounding $USDT that saw the stable coin drop 5% in price causing panic on all exchanges trading the currency, the recent addition of four new stable coins were added to Huobi to mitigate volatility and uncertainty in stable coins.
However with the ability to now choose several stable coins, Huobi have made the issue simpler for everyone. Going forward, clients can deposit $PAX, $TUSD, $USDC, and $GUSD. Upon depositing any of these stable coins, clients balances will reflect in $HUSD only. Clients will be able to withdraw whichever stable coin they choose when withdrawing.
The move will make life easier for all customers using stable coins on the exchange. Unfortunately the move does not include $USDT in it's plans. Huobi mentions that they will be monitoring stable coins going forward and adding new stable coins and removing stable coins should it be necessary to the success of the $HUSD program.
Huobi used the following example: When you deposit 1 PAX, it will show as 1 HUSD in your account, and you can withdraw 1 TUSD (not considering transaction fees on the blockchain).
We are pleased to announce $HUSD, an innovative new stablecoin solution, exclusively available on Huobi Global.— Huobi Global (@HuobiGlobal) October 19, 2018
Find out more:https://t.co/5OSKVia2XE …
In Collaboration with:@paxosglobal @TrustToken @GeminiTrust #USDCoin
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