Amid the global chaos surrounding Tether’s legitimacy, Singapore-based Huobi, one of the leading crypto platforms, has introduced an all-in-one stable coin to revolutionize the virtual currency market.
In an announcement made on Huobi’s official ZenDesk page, the firm has introduced its own cryptocurrency “HUSD” that will, supposedly, be tied to every popular stablecoin – with the exception of Tether – to fix the stability issues often seen in today’s digital market. Presenting the virtues of HUSD, Houbi published an article headed “HUSD: A New Stablecoin Solution” on its official blog on October 19, 2018
Huobi has revealed that the products designed in support of stablecoins are currently available for access through Huobi Wallet. Owing to its “complete relevant settings”, users can add coins in their account with ease.
A Plan To Bring a Radical Change in the Industry
Extolling the benefits of the present initiative, the post conveyed, “The exchange value of HUSD will be credited in the ratio of 1:1 whenever you deposit Paxos Standard Token (PAX), True USD (TUSD), USD Coin (USDC), or Gemini Dollars (GUSD) onto Huobi. Additionally, you can also avail the benefits of flawless transaction assigning your HUSD to four individuals.”
“Currently, the service has some restriction to PAX, TUSD, USDC, and GUSD, but soon it is going to add some more stable coins meeting the guideline of the standard protocol of exchange”, Huobi explained.
The agenda of the program is to give its user maximum benefit with the trading pair of BTC/HUSD and ETH/HUSD. At present, the evaluation is going on regarding the aforementioned four stablecoin’s market condition. Though the deposits start today, liquidity might play a big role in initiating the program.
Notably, Huobi Group has went on to become the world’s leading cryptocurrency and financial services provider of late.
What makes HUSD Better than other Traditional Transaction Systems?
One of the prime and unique qualities of HUSD is that it is more convenient and safer in use. Due to its innovative transactional quality, the Huobi-backed crypto asset is promisingly more stable in nature. Alongside, it also give its user the facility of conversion/exchange at no cost at all.
The Future Ahead
Amidst the uncertainty in the Cryptomarket, the future of Huobi-backed digital currency seems quite promising as a stable coin. Huobi official talking on it, has assured to come up with a detailed planning on how it can help in universality and acceptance of digital currency in the real world