Former Tether executive joins team launching stablecoin clearinghouse

05 Feb, 2019
by Richard Allen
Former Tether executive joins team launching stablecoin clearinghouse

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, 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.”

Read more: South Korean firm launches Won-backed KRWb stablecoin; Bitspark launches first stablecoin pegged to the Hong Kong Dollar (HKD)

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Do you have investments in stablecoins?

(18 votes)

Add a comment

Nevertheless Phil Potter still supports Tether and plans to make collaboration between his new company and this coin .
07 Feb, 2019 - 21:10
It will be great to see such the development of Tether, If new coin can be as good as Tether is we`ll have a future
08 Feb, 2019 - 08:00
yes, it look like we will receive the good news from tether team very soon
01 Mar, 2019 - 09:53
stablecoin clearinghouse is a very good idea. this would bring new users on the stablecoin market and give further development for major stablecoins like tether
08 Feb, 2019 - 08:28
yes good project they made up
08 Feb, 2019 - 18:00
definitely agree! this thing can really be huge promotion for the stablecoins and of course particularly for tether
12 Feb, 2019 - 14:29
This collaboration looks very promising. Those guys have already worked together and it`s been a success. I guess we should carefully watch this Bitfinex / Potter project.
08 Feb, 2019 - 10:48
Yeah, this project should br very good, as Tether is great
11 Feb, 2019 - 12:43
success is assured !
11 Feb, 2019 - 17:49
I think the new stablecoin will not be the worst version of tether
09 Feb, 2019 - 01:30
Not a bad idea actually. Hopefully he's going to continue his relations with usdt.
09 Feb, 2019 - 07:54
Bitfinex choses the good emploeyys. everything looks ok now. maybe coins will cooperate?
09 Feb, 2019 - 09:05
it may be so, tether and new project may be correlated somehow
15 Feb, 2019 - 10:52
New coin will be as great as tether. good!
10 Feb, 2019 - 01:43
looks loke a lot of users think so
lets wait and have our fingers crossed
15 Feb, 2019 - 12:10
wow interesting ! we'll see
11 Feb, 2019 - 18:18
After such a strong work experience in bitfinex, the next career step is to open your own project and this is normal!
12 Feb, 2019 - 10:16
so be it and it is very good. the market will expand and opportunities increase. Tether will be even more multifaceted
24 Feb, 2019 - 09:46
It`s a pleasure to know that Phil Potter and Tether will collaborate, for me it`s a sign of decent persons in charge.
12 Feb, 2019 - 10:21
surely agree with you! tether deserves good team and it has thanks to bitfinex
12 Feb, 2019 - 10:28
I recognize that there is no point in switching to work in other companies which contained to stablecoins after the work on Tether)) It was a top level
12 Feb, 2019 - 15:15
it is really wonderful when the team let him develop one more great stablecoin.
Tether is done good so the new coin will be good too!
14 Feb, 2019 - 08:33
such activity could be useful for stablecoins particularly for tether
12 Feb, 2019 - 16:08
Good luck buddy! You worked great in tether
13 Feb, 2019 - 14:15
The inghouse for stablecoins is a great idea. I think the former Tether executive knows what should do for success
13 Feb, 2019 - 21:51
after the tether development Phil know how to dev the stablecon. will see the new competitor soon
14 Feb, 2019 - 09:55
okay stable coins themselves are progressive invention but really can hardly trust ttue usd how they quickly organized audit and so on
14 Feb, 2019 - 16:33
Tether perspectives are still rather good and Phil Potter will support it at his new project too.
14 Feb, 2019 - 22:19
Good luck Phil! I think clearinghouse will be successful as it was in Tether
17 Feb, 2019 - 19:48
such news show that tether is popular and needful for the traders
17 Feb, 2019 - 20:59
tether is a stablecoin which has 1st place among other stablecoins and it's interesting for the investors
17 Feb, 2019 - 21:40
I hope this person will achieve the same success as in Tether earlier
19 Feb, 2019 - 03:40
this new project actually means that a lot of new investors would be able to come to the market of stablecoins. reliable projects will get even more exposure, tether and others
20 Feb, 2019 - 18:54
This will definitely be a very successful project. very good news that there will also be cooperation with tether. I think this is ideal
21 Feb, 2019 - 01:41
Yes, it it sensible of TRON and USDT to be working together, this will help both of them reach for the new heights
18 Mar, 2019 - 22:23
Perhaps, in time people will realize that Tether has not changed and deserves understanding instead of hatred, but until then we are stuck with this scandal that has zero meaning and helps nobody
26 Mar, 2019 - 15:15
nothing can change my opinion about the reliability of Tether – this coin was serving my trading for a long time and it was fully successful
29 Mar, 2019 - 20:53
I remember the time when USDT came to market and there were few people who believe in it. Now we have whole new Tether with massive volumes.
29 Mar, 2019 - 21:15
my trust will remain with USDT – it was deserved, I can vouch for that
30 Mar, 2019 - 12:37
) Would you like to see more projects by USDT? Personally, I do!
30 Mar, 2019 - 16:20
why so many people have seen something suspicious in this situation about executive leaving the tether?
02 Apr, 2019 - 07:25
You are free to use any coin you want but please stop insulting Tether
03 Apr, 2019 - 15:02
I know some people who are irritated with the huge quantity of stablecoins now, they think USDT is enough for us.
03 Apr, 2019 - 21:33
I am unnerved by this anti-Tether movement, as I do not quite understand the reasoning behind it... Unless I missed something, the coin has been working out for its users well, right?
04 Apr, 2019 - 14:29
Trading platforms are increasingly taking interest to stable crypto. This can increase Tether volumes even more! Let’s see where this tendency is moving.
06 Apr, 2019 - 15:12

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