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

Crypto News | Latest News

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.

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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.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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

Crypto News | Latest News

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.

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

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.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

Leave a Comment

[js-disqus]

Latest Crypto News

Goals set by Justin Sun for Tron(trx)in 2019

On the 31st Of May 2018, Tron achieved independence from Ethereum and Launched its own Mainnet with the Intention of being a fully functional Public Blockchain that supports Creation and development of decentralized Apps (dApps)

Read More »

Crypto Regulation Commences in South Africa

The South African government today issued a statement regarding the steps it is taking on cryptocurrency trading by setting up a working group dedicated to regulating blockchain and crypto. Background Before we get into that,

Read More »

Facebook Hiring: 5 Cryptocurrency Positions Open

Something is definitely brewing in Facebook’s newly formed department. Early in May, there was a rumor that Facebook was interested in opening a cryptocurrency department within its headquarters. The advertised positions are: Two Software Engineers

Read More »

Crypto StartUps are Failing

Cryptocurrency start-ups have had a rough year with a huge section of them laying off loads of their workers with the  Bitcoin price crash. Bitcoin has lost around $280 billion of its value this year

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CNBC Reporting the surge of bitcoin to $100 back in 2013!!

https://www.youtube.com/watch?v=O3XvCbh8pQU reddit Buffer Facebook Twitter FREE CRYPTO COIN JUNKY HANDBOOK – 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more. CRYPTO TRADING STRATEGY GUIDES

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