In a recently made announcement, crypto exchange Huobi said that it will be listing four U.S. dollar pegged cryptocurrencies on October 19. This makes Huobi the latest major crypto exchange to do so in the wake of the recent issues surrounding Tether.
Singapore-based Huobi, which is presently the fourth-largest exchange in terms of trading volume, said that it will open withdrawals and deposits for Circle’s USDC, TrustToken’s TUSD and two regulator-approved stablecoins: Paxos’s PAX and the Gemini exchange’s GUSD. The exchange also happens to be the fourth-largest crypto trading platform for the trading of U.S. dollar-pegged stablecoin, Tether (USDT).
A spokesperson for crypto exchange Huobi stated that it will continue extending its existing support for USDT. Considering the total capitalization of the stablecoin market is still relatively small and not suitable for large-scale trading, the exchange said that it is also seeking over-the-counter traders and institutional investors to sign up as market makers.
This announcement came a day after the USDT price crashed to an 18-month low amid concerns whether its developer has enough dollars or not to back the assets fully. In a statement issued later, Tether claimed that all of its USDT in circulation are sufficiently backed by U.S. dollars and that assets have always exceeded liabilities, as stated in the CoinDesk report.
Huobi shared on its official site that it will be announcing the details and start time-based on market conditions at a later date. It also stated that acceptance dealers, OTC market makers and institutional traders can reach out at [email protected] with the subject line, “Stablecoin Cooperation” for any kind of assistance. As stated on the Huobi Global website, Huobi OTC will soon release detailed plans for stablecoins soon.
Apart from crypto exchange Huobi, OKEx, the Hong Kong-based crypto exchange, presently the third-largest platform in terms of volume, also announced on October 15 that it will add the same suite of stablecoins, starting the roll-out process from October 16.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]