Huobi Launches HUSD Stablecoin To Support GUSD, PAX Token, USDCoin And True USD
For some, perhaps many, there is only one thing that can be called superior in comparison to a stablecoin, and that would be a universal one. When we say ‘universal', it means to have a coin that is immediately usable wherever stablecoins are accepted. This is exactly why the cryptocurrency coin exchange Huobi has announced the launch of its own HUSD token.
What makes this stablecoin so unique is that it allows for the support of four major stablecoins. These include the Gemini Dollar, Paxos Standard, USDCoin and TrueUSD. How it works is relatively easy to understand – by holding HUSD, users are able to instantly have an amount that is equally valued in each of these stablecoins.
During a small event which was held in New York over this week called the StableCoin New York Conference, and Huobi General Counsel Joshua Goodbody spoke to a detailed length about the efforts taken by him and the firm in general:
“We believe the recent developments of stablecoins are positive for the industry and Huobi decided to support these developments proactively by launching HUSD. HUSD acts as a stablecoin aggregator,”
Goodbody continued on to explain.
“We provide the ability to deposit any of the four supported coins as HUSD and receive a 1:1 balance of HUSD which can be stored as well as traded against six pairs on Huobi Global. Users are also able to withdraw HUSD as any of the four applicable stablecoins.”
It would seem that, while speaking at this event, Goodbody misspoke somewhat. According to the full exchange, the available pairs that are offered through HUSD are Bitcoin (BTC), Ether (ETH), EOS and USDT.
What sets the USDT apart from other stablecoins is that it is the only one of these that is traded against the HUSD, as opposed to being part of its universal system. This is the second stablecoin effort that has decided to forego integration of USDT, which is the first pegged token.
Regardless, the benefits that HUSD brings for users is that it can allow for the reduction of trading fees for those that are otherwise dealing with several types of markets. Much as we would like to believe, there is no such thing as a market that lists every possible token and opportunity at the same time. So for many crypto traders, being able to move between exchanges is of the utmost necessity.
Among these coin exchanges, Binance appears to be engaged in the creation of a stablecoin in a similar fashion to that of the HUSD, but unlike its counterpart, it has yet to announce a substantial amount of information about it.
Unlike other digital tokens, the HUSD itself does not belong to any specific blockchain, but is merely a product in operation within the exchange. As a result, it cannot be subject to withdrawal or subsequently traded on with others. When these kinds of products emerge, they . will begin to look like the derivatives market on a superficial level Perhaps on the of net positives for that will be that they will have a far greater constitution.
The addition of the TrueUSD, which will be the first token on the Trust Token platform which has yet to fully launch, it makes for a very interesting move by Huobi. Up to this point, the company is one of the few that has been outspoken in its support of Trust Token in any capacity. The Trust Token platform itself aims for the tokenization of any and all real-world assets using ‘smart trust' contracts.
In doing so, it essentially enables anyone to offer a certain level of stock in something that they own. To date, its Initial Coin Offering has yet to officially launch, but TrueUSD is very real in the meantime, and operates on the exact same software.