SINGAPORE, Oct. 20, 2018 /PRNewswire/ -- In the spirit of putting our users' needs first, Huobi Global is proud to announce the launch of HUSD, its all-in-one stablecoin solution. Exclusive to Huobi Global's exchanges and a first for the market, HUSD allows users to make deposits and withdrawals in any of the four new stablecoins our exchanges support.
"Community concerns have been driving strong demand for stablecoins across the crypto space," said Robin Zhu, COO of Huobi Group. "We believe strongly in consumer choice. HUSD provides this in the form of an integrated solution that allows individual users to save costs and time when switching among stablecoins. At the same time, it will provide our community as a whole greater liquidity when trading and investing with stablecoins."
How HUSD Works: Four Coins, One Solution:
Huobi Global has just listed four new stablecoins; Paxos Standard Token (PAX), True USD(TUSD), USD//Coin (USDC), and Gemini Dollar (GUSD). Starting today, deposits in any one of these four stablecoins will show up in user accounts as HUSD. Users can withdraw their HUSD as any of the four new coins free of charge.
Example: Say you deposit one (1) PAX into your account. You now have the ability to withdraw your funds as one (1) GUSD, USDC, TUSD, or PAX free of charge or transaction fees.
Huobi officials expect the range of coins that make up the HUSD system to grow. "We plan to keep focusing on new stablecoins coming into the market and add them to our HUSD feature in order to optimize HUSD's benefits," said Huobi Group Vice President Livio Weng. "Meanwhile we will perform continuous evaluation of all the stablecoins within HUSD. If any one of them doesn't meet our strict risk control standards, we will not hesitate to remove them from the HUSD system."
NOTE: Huobi's HUSD feature is exclusive of Tether, which will remain listed separately on Huobi Global as USDT for now.
Full Rollout Schedule For HUSD:
- Deposits open for PAX, TUSD, USDC and GUSD at 15:00, October 19 (GMT+8 ).
- Withdrawal service for HUSD will open one to two weeks later - further details will be released soon.
- USDT/HUSD will be listed as a trading pair on Huobi Global at 10:00 AM, October 22 (GMT+8).
- Huobi Global will list the trading pairs BTC/HUSD and ETH/HUSD at a future date - further details to be released soon.
- Transfer service with Huobi OTC will start at 10:00 AM, October 22 (GMT+8). Trading services of HUSD will begin on Huobi OTC at 10:00, October 23 (GMT+8).
About Huobi Global:
Made up of our main coin-to-coin exchange as well as Huobi OTC, Huobi NEXT and Huobi Margin, Huobi Global is a leading global digital asset trading platform and is committed to exploring opportunities for digital asset investment. It is operated by Huobi Group and is headquartered in Singapore.
SOURCE Huobi Global