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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Sellers come in ahead of 10,500

BTC/USD sells of late in the session as we draw to a close on an eventful day in the financial markets. We were expecting Fed Chair Jerome Powell to be the main event of the session but China announced plans to add tariffs to US imports. Then Powell once again stood firm against Trumps pressure to loosen monetary policy and the US President lost it on twitter. 

More Bitcoin News

XRP pushes to session highs but a key level is in sight

XRP/USD pushes to session highs. Key resistance level is in sight. 0.300 still seems the like the long term target for bulls.

More Ripple News

BCH/USD: 300 is well supported once again

Bitcoin Cash has rejected downside moves yet again. Key trendline apex needs testing soon. 360 is still the level to breach for upside momentum.

More Bitcoin Cash News

NEO announces new partnership with gumi Cryptos bringing blockchain to Japan

NEO Foundation has announced a new partnership with gum Cryptos. The two organisations will be working on bringing blockchain technology to Japan. 

More Neo News


Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast