Singapore-based Huobi to Add Four More Stablecoins in the Next Few Days

Omar Faridi
  • Huobi will add stablecoins: Paxos Standard Token (PAX), True USD (TUSD), Circle’s (USDC), and Gemini exchange’s (GUSD) by Oct 19th.
  • OKEx announced yesterday that it will also add the same stablecoins as concerns about Tether (USDT) escalate.

Singapore-based cryptocurrency exchange, Huobi, recently announced that it will start listing four USD-pegged digital assets this week - which makes it the latest top 10 exchange to add more stablecoins as there are now heightened fears, or concerns, in the crypto market regarding Tether (USDT) and Bitfinex’s operations.

PAX, TUSD, GUSD, USDC Added

On Tuesday (October 16th), Huobi Global published a blog post in which it noted that deposits of Paxos Standard Token (PAX), True USD (TUSD), Circle’s (USDC), and Gemini exchange’s (GUSD) would be available on its exchange starting from October 19, 2018 (GMT+8).

Notably, Huobi Global, which “provides trade and investment service of over 100 digital assets”, has requested institutional investors, over-the-counter (OTC) market makers, and large acceptance dealers to help increase the “relatively small circulation” in the crypto markets of its soon-to-be listed stablecoins.

In its blog post update, Huobi also mentioned that products supporting the stablecoins are currently available and can be accessed through the Huobi Wallet - which allows users to add the coins as it reportedly has the “complete relevant settings.”

"Detailed Plans" For Newly Added Stablecoins

Additionally, Huobi OTC is expected to release a “detailed plan” for the new stablecoins soon. As most crypto enthusiasts would know, Huobi’s exchange is one of the world’s most active digital asset trading platforms as it currently ranks fourth among leading exchanges by trading volume.

Huobi is also one of the largest digital currency exchanges for trading Tether (USDT) which still remains by far the most dominant stablecoin - despite the recent increase in uncertainty surrounding its banking operations and rumors of Bitfinex becoming insolvent.

Livio Weng, the vice president of Huobi Group, 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.

Livio Weng

Tether Releases A Statement

On Monday (October 15th), USDT experienced a massive selloff as fears, or uncertainty, regarding whether Tether’s USD holdings were enough to back the supply of its stablecoin escalated. Notably, USDT’s price fell to an 18-month low yesterday as it had reportedly been trading as low as $0.86 on Kraken.

Leonardo Real, Tether’s newly appointed chief compliance officer, clarified on Monday: 

Tether is the leading provider of tokenized fiat currencies and is listed on many exchanges worldwide. We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities. In June 2018, a report from Freeh Sporkin & Sullivan, LLP (FSS), based on a random date balance inspection and a full review of relevant documentation of bank accounts, confirmed that all Tethers in circulation as of that date were indeed fully backed by USD reserves.

Leonardo Real

As CryptoGlobe reported on October 15th, Malta-based OKEx announced that it would list four additional stablecoins: PAX, USDC, TUSD, and GUSD.