Huobi Launches Futures Trading Market, Stablecoin Aggregator
Huobi spoke about their HUSD stablecoin and introduced a new derivative market at two separate blockchain events in New York this week.
At two blockchain-related events held in New York this week, popular cryptocurrency exchange Huobi announced the launch of a Huobi Derivative Market (Huobi DM), and HUSD stablecoin token.
The Singapore-based exchange’s new platform was introduced at the Cryptofrontiers conference in New York earlier today, a blockchain networking event which is hosted by the Huobi Group. Huobi DM will allow customers to engage in cryptocurrency futures trading on both falling and rising prices. Futures trading allows parties to buy or sell cryptocurrency at an agreed upon price and a specified date in the future. Huobi stressed their new product, which is currently in beta testing, will not be available to customers in the US, Singapore, Israel, Malaysia, and Hong Kong, among other jurisdictions, due to legal reasons.
At the Stablecoin New York conference on November 26, Joshua Goodbody, General Counsel of Huobi's Global Institutional team, offered insights on the role stablecoins play in the digital assets market, how they serve as a fundamental bridge between the fiat world and the world of cryptocurrencies, and how they function as a frictionless store of Fiat value.
Joshua Goodbody, General Counsel of Huobi’s Institutional team, was also present at the Stablecoin conference in New York on November 26. Goodbody offered insights on Huobi’s HUSD token, which was announced in October, as well as the role of stablecoins in the digital assets market in general. According to Goodbody, stablecoins serve the role of a fundamental link between fiat and crypto, and a digitalized frictionless storage for fiat assets.
“We believe the recent developments of stablecoins are positive for the industry,” said Goodbody at the conference. “Huobi decided to support these developments proactively by launching HUSD.”
Huobi’s new token will act as an aggregator of four popular stablecoins – Paxos Standard Token (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollar(GUSD). Users will be able to exchange any of the four stablecoins into HUSD at a 1:1 exchange rate, as well as withdraw the HUSD token back into any of the supported coins. HUSD will also be tradeable against other cryptocurrencies, such as Tether (USDT), Bitcoin (BTC), and Ethereum (ETH).