Huobi Lists 4 ‘Regulated’ Stablecoins Vying for Tether’s Throne

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Huobi set to list 4 new stable coins later this week on October 19. Gemini Dollar (GUSD), TrueUSD (TUSD), and USDCoin (USDC), and Paxos Standard (PAX) will be the new assets listed.

Huobi’s New StableCoin Selection

The newest digital asset to be launched on the Huobi platform is issued by Paxos Trust, labeled PAX . It’s regulated by the New York State Department of Financial Services. Investors will be able to trade the USD-endorsed and currently under the supervision of NYSDFS.

GUSD, who claims to be the first world regulated stablecoin was recently issued by the Winklevoss twins (owners of the Gemini exchange). This stable coin will also be regulated under the supervision of NYDFS and is backed by $1 in hard currency.

TUSD is another dollar backed stablecoin listed on the exchange and entrusted by multiple banking partners.

Lastly, Circles USDC token allows financial institutions to join their platform through open membership and offers financial solutions to those who seek to resolve current cryptocurrency market issues.

Tether Facing Some Real Competition

Huobi Global, the fourth largest crypto trading platform in the world, currently hosts Tether which is the most popular US dollar peg stable coin to date. Tethers fully backed by the currencies reserve although it was trading at .5% lower than its real value as of yesterday ($0.965). At one point it failed to $.93 during the day but is now trading at.

Tether Limited, the company behind stablecoin has been accused of not holding enough USD reserves to back the Tether tokens in circulation. The stablecoin recently lost their USD peg in a recent flurry of market activity amidst continued negative market sentiment. Although it still dominates a reported 98% of daily stablecoin trading volume, a series of new competitors entering the stablecoin arena over the next week, will certainly place pressure on the current reigning champ.

Earlier in the week, OKEx, another major cryptocurrency exchange, announced that they will also be listing the same four stablecoins (USDC, GUSD, TUSD, and PAX ) within their exchange.

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