Huobi enlists regulated stablecoins aiming for Tether’s dominance

Huobi enlists regulated stablecoins aiming for Tether’s dominance
Oct 17, 2018 by Rico Wise

Huobi Global aims to provide its services to four stablecoins, specifically PAX, GUSD, TUSD, and USDC. According to the announcement on the web page of the cryptoexchange, these four dollar-pegged digital currencies will be introduced on Friday.

Huobi is the world’s #4 ranking cryptotrading network, which offers the ability to trade Tether stablecoin, a well-known digital currency pegged to the value of dollar. According to the creators of the currency, it is completely backed by reserves in a separate banking account. However, recently Tether has been trading lower than 1 USD, which is the supposed value for the stablecoin. Thus, the question arose of whether Tether has enough funds to back its circulating tokens.

Despite the fact that USDT is still responsible for 98% of the daily trading volume among stablecoins, with the token losing its peg in the turmoil of cryptomarket activity, the currency encounters a very negative treatment. Additionally, other stablecoin competitors start expanding in the cryptomarket, with enough potential to change the daily trading volume percentage.

Previously, another major cryptoexchange, OKEx, has made an announcement about enlisting the aforementioned four stablecoins, juxtaposing them to the USDT.