Third Largest Crypto Exchange Huobi Opens Deposits for New ‘Stablecoin Solution’ HUSD

Singapore-headquartered cryptocurrency exchange Huobi announced the creation of what it calls a “stablecoin solution” in a blog post Friday, Oct. 19.

Set to go live from Friday, the project, known as HUSD, will consist of Huobi’s own stablecoin asset which investors can use as an go-between to interact with four USD-backed stablecoins currently listed on the exchange.

Specifically, Huobi will accept and store Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD), giving users a balance in HUSD as a kind of aggregator of all four.

According to Huobi’s post, users can then cash out the same stablecoin they deposited or select from any of the other three.

HUSD will also be tradeable against other cryptocurrencies, beginning with controversial stablecoin Tether (USDT), followed by Bitcoin (BTC) and Ethereum (ETH).

Commenting on the project, Huobi said it would expand it to cover other stablecoins in future.

“We will keep a close watch on new stablecoins that appear on the market and optimize the HUSD standards,” executives wrote:

“We look forward to more stablecoins being involved in the HUSD system.”

Huobi announced the listing of the above four USD-backed stablecoins earlier this week, following a similar move by OKEx.

Huobi is currently the third largest crypto exchange globally by daily trading volumes, seeing about $416 million in trades on the day to press time.

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Gibraltar Stock Exchange’s Blockchain Platform Opens to Public Trading

The UK Overseas Territory of Gibraltar launched its Gibraltar Blockchain Exchange (GBX) July 23, a press release confirmed, opening up cryptocurrency trading.

The GBX was first announced by the Gibraltar Stock Exchange at BlockShow Asia conference in November 2017

GBX, which will ultimately function as a multifaceted ICO and trading ecosystem, currently offers three crypto-to-fiat pairs: Bitcoin (BTC), Ethereum (ETH) and its own Rock (RKT) token to USD. CEO Nick Cowan commented in the release:

“The launch comes at a time when the cryptocurrency and token markets are reaching a new stage of maturity.”

The move preempts Gibraltar’s plans to enact formal ICO regulations which could open up the tiny peninsula to a host of ICO activity.

In March, GBX claimed it had already received interest from around 200 ICO operators, a number almost equal to the entire ICO cohort of 2017.

Gibraltar has also been active in blockchain regulation, with the Gibraltar Financial Services Commission (GFSC) in December announcing what it described as “the first instance of a purpose-built legislative framework for businesses” which are “craving” regulatory support.

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