Singaporean cryptocurrency exchange, Huobi, just made public that it will offer support for another four stablecoins this week – which makes it among the latest top exchange to add more cryptos which are pegged to the US dollar.
On October 16th, Huobi Global posted on its official blog that deposits of Paxos Standard Token (PAX), True USD (TUSD), Circle’s USDC, and Gemini exchange’s GUSD will be supported on its platform starting with October 19, 2018 (GMT+8).
Particularly, Huobi Global, which “provides trade and investment service of over 100 digital assets”, has encouraged institutional investors, over-the-counter (OTC) market makers, and large acceptance dealers to help the circulation of its soon-to-be-listed stablecoins.
The blog post also mentions that products supporting the stablecoins are currently available and accessible through the use of the Huobi Wallet. Users will be able to add the coins as it apparently has the “complete relevant settings.” Huobi OTC is also expected to issue a “detailed plan” for the new stablecoins soon.
Huobi is one of the biggest crypto exchanges used for trading Tether (USDT) which is currently still the biggest stablecoin – despite the recent increase in rumors which concern its banking operations and Bitfinex’s possible bankruptcy.
The vice president of Huobi Group, Livio Weng, stated:
“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.”
Tether’s Statement to Price Drop
On Monday (October 15th), USDT saw a massive selloff generated by the growing fears that the coin did not have the supply necessary to back up its value. 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, the new COO of Tether, emitted the following clarifications 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.”
As you might know, Huobi is not the only exchange that is adding stablecoins. On October 15th, Malta-based OKEx revealed that it will also be welcoming new stablecoins to its platform: PAX, USDC, TUSD, and GUSD.