Huobi presents its HUSD multi-stablecoin

Huobi presents its HUSD multi-stablecoin
Nov 28, 2018 by Rico Wise

The only thing better than a stablecoin is a stablecoin, which is universally acceptable, and that is exactly what Huobi introduces. HUSD stablecoin, the new digital currency presented by Huobi, offers support of the four dominant dollar-pegged tokens – GUSD, PAX, USDC, and TUSD. The premise is also quite simple: HUSD holders are able to have an equal amount of any of the aforementioned stablecoins.

As Huobi’s representatives describe their project themselves, HUSD is a stablecoin aggregator, which offers deposits of any of the supported dollar-pegged tokens as HUSD and obtain a 1:1 ration of tokens that can be either stored or traded versus six currencies on Huobi Global cryptoexchange. Customers can also exercise a withdrawal as any of the four supported tokens.

Among the trading pairs for HUSD, the currencies at option are Bitcoin, Ethereum, EOS, and Tether. Curiously enough, Tether is not supported by HUSD, but is rather traded against it. This is the second effort involving stablecoins, which made a decision to omit the integration of Tether, the pioneer stablecoin.

HUSD is not a token on any blockchain, it is just a product within the cryptoexchange, therefore users will be unable to withdraw it or trade it further.