Huobi Global Follows OKEx In Listing 4 Dollar-Backed Stablecoins: PAX, GUSD, TUSD and USDC
Huobi Global has just announced that it will be listing 4 new stablecoins to its exchange: Paxos Standard (PAX), Gemini Dollar (GUSD), TrueUSD (TUSD) and USDCoin (USDC). The coins will be made available for trading on October 19. The exact some tokens were also listed on OKEx exchange yesterday, Ocotber 15th. All four coins being listed are pegged at a 1:1 backing with the US dollar.
The Next Generation of Stablecoins
The Paxos Trust Company are the developers of the Paxos Standard, which according to Huobi’s latest press release, allows users to leverage blockchain technology “to trade with USD-endorsed and USD-denominated assets under the supervision of financial regulators.”
Created by the famous Winklevoss twins, the Gemini Dollar is another dollar-backed stablecoin. The token boasts US dollar reserves that are “held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance.” Huobi Global describes Gemini Dollar as offering the creditworthiness and price stability of the US Dollar with crypto technology and oversight from US regulators.
TrueUSD was the second stablecoin ever created pegged to the US Dollar. As more and more faith is being lost in the world’s biggest stablecoin, Tether, TrueUSD’s popularity is on the rise. The early adoption of TrueUSD by many major exchanges is a positive indicator for the token’s future.
Finally, USDCoin was created by crypto finance company Circle and is powered by CENTRE’s open-source framework. “USDC offers solutions with detailed financial and operational transparency and resolves the problems that exist in the current crypto market,” reads Huobi Global’s blog post. “It is operated within the regulated framework of U.S. money transmission laws with established banking partners and auditors. On the basis of open membership, any eligible financial institutions can join USDC.”
The four coins are reportedly already available on the Huobi Wallet, with specific dates and times for the full Huobi Global rollout to be released soon.
More Crypto News
Tether (USDT), the world’s most popular stablecoin, is designed to give users the stability of…
Stellar and its XLM token were first launched in 2014 by Ripple co-founder Jed McCaleb.…
Bitcoin Cash (BCH), the controversial project forked from the original Bitcoin client, is now the…