Cryptocurrency exchange Huobi launch new stablecoin in partnership with Paxos Custody

  • A Singapore-based company is set to launch a new stablecoin.
  • The coin will be issued under ticker symbol HUSD.

A Singapore-based cryptocurrency exchange Huobi will launch a new U.S. dollar-backed stablecoin in partnership with Paxos and Stable Universal. The new coin will be based on ERC-20 standard and have a ticker symbol HUSD.

It is worth noting that HUSD already supports four US-regulated stablecoins (Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD)) and serves as an ‘all-in-one stablecoin’ wrapper. 

The exchange will issue HUSD tokens pegged 1:1 to the U.S. dollar in partnership with Stable Universal, while Paxos Trust will ensure compliance with anti-money laundering and know-your-customer requirements. Also, Paxos Trust will be in charge of fiat deposits as collateral.

“We are proud to now offer trust-as-a-service to power HUSD Token, a new stablecoin for Huobi Global. This is a new model that allows other innovators to create safe, trusted and fully-backed solutions that support wider crypto-market adoption for cash and assets using our unique regulated status,” Paxos co-founder Richmond Teo commented. 

The new coin will be listed on Huobi Global, which is the fourth-largest cryptocurrency exchange by average daily trading volumes. However, the company plans to expand it to other exchanges and cryptocurrency services. 

Huobi has been promoting its HUSD token as a tool that helps users to leverage the benefits of different stablecoins and save costs when switching between them.

“We’re excited that Huobi will list HUSD Token, allowing us to build liquidity quickly with their massive customer base. Combined with the sterling reputation of Paxos, we are offering a product with the highest level of oversight and protection,” Frank Zhang, CEO of Stable Universal, said.

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