Stable Universal, the strategic partner of leading digital asset financial service provider Huobi Group has broadcasted the news about the successful launch of its highly anticipated stablecoin product, HUSD, in the Singaporean marketspace. The digital coin has been designed to cater to the requirements of both individual investors and business institutions in the city-state.
The official reports affirmed that the customers from Singapore will now be able to register themselves on the platform at their convenience and indulge in the exchange of HUSD via USD on-ramps on stcoins.com.
Frank Zhang, the honorable founder of Stable Universal, stated that his firm aims to offer the customers with a project that is secured and trustworthy. He quoted that “unregulated stablecoins have many vulnerabilities and pitfalls. Therefore, HUSD aims to assist in providing safe and compliant stablecoin products and services as a dollar-pegged stablecoin. Stablecoins are a segment of the crypto industry that continues to grow and can be the key to crypto-assets mass adoption. Most stablecoins are currently asset-pegged; they work alongside traditional money and can be pegged to a fiat currency or other assets of choice.”
The leader said that Singapore has a suite of well-defined regulatory guidelines and clear project registration details concerning digital assets. He stated that the Singaporean authorities adopt a friendly perspective towards the stablecoin projects. All the projects are needed to comply with the know-your-customer (KYC) and Anti-Money Laundering regulations.
Earlier in October 2019, Huobi Group Founder and CEO, Leon Li, commented that lack of regulatory laws compliance is the prime reason for the uncertainties hovering over Facebook’s Libra stablecoin project. This has led to new challenges and innovation opportunities concerning stablecoins, cross-border payments, and DeFi transactions. Li affirmed that 2020 would turn out to be a great year for the evolution of stablecoins.
Though HUSD is in its early phase, the platform is working systematically in the expansion of its application suite. At present, the HUSD trading solution on Huobi Global offers trading of 11 pairs against HUSD. This includes trading pairs between reputed stablecoins and major crypto assets. HUSD has also collaborated with payment service providers like Alchemy Global Payment and SWFT Blockchain.