Tether-Linked Phil Potter to Open Stablecoin Clearinghouse ‘Stablehouse.io’ with XBTO Crypto Finance Firm
An executive named Phil Potter, which has already worked in high-profile crypto companies like Bitfinex and Tether before, as well as XBTO, has recently announced that he is launching a new clearinghouse for stablecoins in the crypto market, which will be called Stablehouse.io.
The CEO of the company, at least for the beginning of the operations, will be the XBTO founder Phelipe Bekhazi, which is also very invested in the project. The advisory board will be formed by Samson Mow and David Namdar, as well as Potter. These executives have experience from companies like Tether, Galaxy Digital and Blockstream.
Initially, the main goal of this new initiative is to improve the stability, liquidity and the accessibility of the most important stablecoins which are being sold in the market right now. This way, stablecoins can reach users in a more mainstream way, as the main goal of the company is to help this specific type of crypto to reach mass adoption.
Stablehouse, according to the reports, will have USDT, GUSD, PAX, TUSD, USDC and DAI, and it will act as traditional clearing counterparty, as well as follow the established rules for this industry.
It is important to have people with experience in the team, so Potter will be a very valuable asset for the company, as he has plenty of experience working with Tether, the first high-profile stablecoin in the market and still the one with the largest market cap.
According to Bekhazi, the market is very inefficient at the moment and it is not liquid enough. In order to use one stablecoin to get another one, you often have to make several transactions, which can be a pain for the investor. The plan is to address these issues and to create a centralized platform that will give to the users the kind of liquidity that they need.
At first, the clearinghouse will be set in Bermuda, which has positive legislation, but the company is still on the way to receive a business license from the Bermuda Monetary Authority. At the moment, it is not still clear when the clearinghouse will finally be launched officially.