Are you ready for the ever first regulated Tether alternative regulated stablecoin? Well, Huobi Global (HBG) surely is. The digital asset trading platform announced the exciting launch on Twitter a few hours ago. On this subject, the CEO of Huobi Global- Livio Weng has the following to say-
Providing better options to the cryptocurrency community has always been one of our biggest priorities here at Huobi. […] We are proud to partner with Paxos and Stable Universal on this pioneering project and look forward to bringing the new HUSD Token to over ten million users across Asia and the world. It is truly exciting to see the HUSD project grow from a stablecoin solution to a stablecoin in its own right.
We are pretty sure you want to know the highlights of the launch before going all the way into the details. So, here it is-
When will HUSD Token get launched?
Toady, i.e. 22nd July 2019! Yes, it will be launched today from 12:00 (GMT+8.) So, stay ready.
What are the new trading pairs?
The launch-announcement has also revealed about the new crypto pairs with which HUSD will be made available. Here are the pairs that will be offered-
- TUSD/HUSD, and
Who is behind this launch?
Of course Huobi Global is there. Along with HBG, Stable Universal and Paxos Trust Company (a fiduciary and qualified custodian under the New York State Department of Financial Services (NYDFS) are also the team behind the launch.
Today, Stable Universal will launch the first regulated Tether alternative regulated stablecoin on Huobi Global. The company will support the auditing of the smart contracts and check of on-chain transactions which will be conducted by another company (whose name has not been disclosed.)
Paxos Trust Company, on the other hand, will look after the KYC processes (Know Your Customer) as well as the AML processes (Anti Money Laundering.) The company will also hold USD deposits, in addition. Further, this reserve will stay under surveillance on a monthly basis. The auditing company’s name has not been disclosed, who will be responsible for checking the reserves against the supply of HUSD.
What is so distinct about the launch?
One may think that Huobi Global offers trading services for more than two hundred digital tokens. So, what makes the launch of HUSD token so special? Well, here it is-
- The new HUSD stablecoin token is created as an ERC 20 token.
- The money put for HUSD token will stay reserved by the Paxos Trust Company. This will ensure strong compliance for the newly launched stablecoin.
- There will be full integration of the stablecoin in HBG. HBG is renowned to be the most liquid crypto exchange on the international stage.
- There are plans for offering an easy to use, quick, and user-friendly fiat service by Stable Universal. This service will offer fiat onboarding and off-boarding, making it very efficient to buy and redeem the stablecoin. Where can you find this service? Well, the users can find this service on the website called- stcoins.com.
- Moreover, the stablecoin token will be integrated into Huobi OTC.
- A transition can be expected soon on the Huobi platform from the company’s current HUSD system. Currently, many stablecoins denominations can be traded as one. This soon will be transformed into the new HUSD token.
- This stablecoin token will be made available on several crypto exchanges, crypto wallets, and other crypto-related platforms.
- The users can avail 1:1 for USD via Stable Universal along with trading the stablecoin on Huobi Global.
On the other hand, the CEO of Stable Universal- Frank Zhang said-
In today’s cryptocurrency markets, traders always need access to a safe, trustworthy stablecoin that is fully redeemable and limits risk exposure. HUSD Token is reliable and designed to be efficient and simple – we believe it is the best fiat on-ramp and will be a game-changer in the space. We are excited that Huobi will list HUSD Token, allowing us to build liquidity quickly with their massive customer base. Combined with the sterling reputation of Paxos, we are offering a product with the highest level of oversight and protection.
The Co-Founder of Paxos and CEO of Paxos Asia- Richmond Teo, said that Paxos holds a “unique position” when it comes to the crypto-asset space. He credited this unique feature to the strong regulatory nature and strong dedication towards safeguarding customers’ assets. He highlighted the importance of trust and mentioned that the services for the HUSD stablecoin are based on this very quality. He is hoping that the “safe, trusted, and fully-backed solutions” will encourage mass adoption for cash and assets.