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Cryptocurrencies

Huobi to launch stablecoin under Paxos custody

Thursday 18 July 2019 | 11:25 AM CET

Singapore-based cryptocurrency exchange Huobi has reached an agreement with Paxos and Stable Universal to launch a new US dollar-backed stablecoin.

This stablecoin corresponds to the ERC-20 token standard but maintains the same ticker symbol ‘HUSD.’ The company already has an ‘all-in-one stablecoin’ wrapper called HUSD, and it supports four US-regulated stablecoins: Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD).

Adoption of HUSD will begin with listing by Huobi Global, but it is intended to land at other exchanges, wallets, and cryptocurrency platforms. Stable Universal mentioned that by listing the HUSD token, Huobi will allow them to build liquidity quickly with their massive customer base. The partnership with its backed startup Stable Universal presupposes the issuance of HUSD tokens, pegged 1:1 to the US dollar, with regulated custodian Paxos Trust acting to provide AML and KYC compliance, as well as holding the fiat deposits in reserve.

Paxos will offer trust-as-a-service to power the HUSD token. This is a new model that allows other innovators to create safe and fully-backed solutions that support wider crypto-market adoption for cash and assets using their regulated status.

More: Link
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