Former executive at Bitfinex and Tether, Phil Potter and crypto firm XBTO are launching what's described as a clearinghouse for stablecoins, CoinDesk reports.
Dubbed Stablehouse.io, the project is aimed at addressing inconsistent liquidity, stability and accessibility issues that “prevent the stablecoin market from reaching critical mass.”
Acting like a traditional central clearing counterparty (CCP) Stablehouse will facilitate the exchange of stablecoins “a liquid market price and for a fixed minimal fee.” At launch, the platform will have support for transactions between USDT, GUSD, PAX, TUSD, USDC, and DAI. Support for more tokens is expected sometime down the line.
Headquartered in Bermuda, the project will have some solid leadership behind it. XBTO founder Philippe Bakhazi will act as interim CEO and its advisory board includes Potter, founding partner at Digital Galaxy and SolidX Partners, David Namdar as well as Chief Strategy Officer at Blockstream, Samson Mow.
The team has stated that they hope to develop some infrastructure that will lead to the “mass adoption” of stablecoins and cryptocurrencies.
“The stablecoin market at the moment is inefficient and has various disparate stablecoins, with users needing to transact several times with different parties to exchange one stablecoin for another,” said Bekhazi. “Stablehouse will address this by serving as a centralized platform that gives issuers, holders and exchanges certainty over access and liquidity, creating enhanced confidence for investors, developers and merchants.”