Huobi Lists Four ‘Regulated’ Stablecoins Vying for Tether’s Crown

[hBicKOP]

Huobi Global is set to list four new stablecoins, namely Paxos Standard (PAX), Gemini Dollar (GUSD), TrueUSD (TUSD), and USDCoin (USDC) later this week. In an announcement on its website, the cryptocurrency exchange revealed that the four new assets will go live on Oct. 19.

Huobi’s New Listings
PAX, a newly launched digital asset is dollar-pegged, issued by Paxos Trust, and regulated by the New York State Department of Financial Services. Participants are able to trade with USD-endorsed and USD-denominated assets under the supervision of the NYSDFS.

GUSD, which claims to be the worlds’ first regulated stablecoin, was issued recently by the Cameron and Tyler Winklevoss-owned Gemini exchange, also under NYDFS supervision. As with most other major fiat stablecoins, each GUSD token is backed by $1.00 in hard currency.

TUSD is a collateralized, dollar-backed stablecoin trusted by multiple banking partners, while Circle’s  USDC token allows eligible financial institutions join through its open membership, and it offers financial solutions that seek to resolve current crypto market problems.

https://www.ccn.com/huobi-lists-four-regulated-stablecoins-vying-for-tethers-crown/

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[NeuroticFish]

Huobi Global is set to list four new stablecoins, namely Paxos Standard (PAX), Gemini Dollar (GUSD), TrueUSD (TUSD), and USDCoin (USDC) later this week. In an announcement on its website, the cryptocurrency exchange revealed that the four new assets will go live on Oct. 19.

It's quite an expected step forward. After so many problems lately with Tether, exchanges have to find a good replacement to stay on top.
After all stable coins are the fuel of speculation and arbitrage, where the biggest part of exchanges' income is coming from.

[bitChipper]

I cant help but think this is good for the crypto currency ecosystem and could lead to the implosion of tether.

It was a necessary stepping stone but received so much scrutiny over the years that it will never be trusted (Tether), too many people will put their money into a more trusted/secure stable coin.

I see eventually more stable coins getting listed on lower tier exchanges like Cryptopia/livecoin ect ect and then on other top exchanges like Bittrex and Poloniex, so that they are not tied to the risk of tether being their only USD pegged stable coin...this will FINALLY take the crypto currency ecosystem away from the systemic risk of a tether implosion that was probably inevitable in the first place.

[IgorShumilo]

I believe that the creation of a large number of stable coins behind which are large financial institutions will have a positive impact on the cryptocurrency market. Many do not believe that Tether is fully provided with real dollars, because no documents were submitted. Now there are a large number of alternatives.
Personally, I will use several stable coins.

[alex-nn]

I think it's very profitable to create own stable coin backed by fiat because the issuer can freely use the backed fiat and make a profit in fiat markets such as Forex or stocks. So we will see more new stable coins next months.

[mapsi]

That is really good move. All exchanges should do that. Already binance kucoin huobi okex added some other stable coins. with that way these stable coins market cap also will increase and in the future we dont need to afraid of tether anymore.

[Bytem3]

They should have listed DAI stablecoin

[Crypdon]

I think geminiUSD will take off because it is based on ethereum which means it will be accepted on more exchanges easier than purpose made coins. The problem is the name because it promotes their own exchange.

[Noobaru]

Thanks for the heads up, I will definitely check it out. I have tried Huobi the other day and I must say that everything went smoothly, much like it did with top notch exchanges like Binance or KuCoin. As for the stablecoins, we need as many as they can be. Putting all of your crypto into one stablecoin is risky since we all saw what happened to tether lately. Spreading around in more stablecoins is great practice.

[rindo]

At the moment, Huobi is the fifth largest cryptocurrency trading platform worldwide. They also make it possible to trade Tether's USDT token (also known as Tether), which is also a stablecoin linked to the US dollar. Tether is the developer of this token and is fully covered by currency reserves.

By adding the other 4 stablecoins, the Tether gets more competition.

PAX is a newly launched digital asset linked to the US dollar and issued by Paxos Trust. Investors can trade in this stablecoin under the supervision of the New York State Department of Financial Services (NYSDFS).

GUSD will also be added to Huobi from 19 October. GUSD claims to be the first regulated stablecoin in the world. GUSD was recently published by Cameron and Tyler Winklevoss, also under the supervision of NYSDFS. Like most other large fiat-stable coins, each GUSD token is supported by $ 1.00 in hard currency.

Finally the TUSD and the USDC. TUSD is also linked to the US Dollar. TUSD is stablecoin that is trusted by multiple bank partners, while the USDC issued by Circle is suitable for financial institutions. The USDC allows participants to participate through open membership and offers financial solutions that try to solve the current crypto-market problems.