Huobi Lists Four US Dollar-Pegged Stablecoins

Huobi has added support for US dollar-pegged digital assets Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD).

Singapore-based crypto exchange Huobi, currently the fourth-largest by trading volume, said in a statement on Tuesday it would open deposits and withdrawals for four US dollar-pegged stablecoins: Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC) and Gemini Dollar (GUSD).

The cryptocurrencies, collateralized 1:1 by the US dollar, are already available on Huobi Wallet, while support on the Huobi Global trading platform will be launched on Friday (October 19). The exchange said it would provide detailed plans for over-the-counter (OTC) trading of the stablecoins on Huobi OTC “soon.”

The news has failed to boost the prices of the fiat-backed coins. PAX, TUSD, and USDC all traded lower on Tuesday. At the time of writing, they have lost 0.62%, 1.19%, and 0.63%, respectively. Only GUSD has posted an increase of 1.41%. However, all four tokens edged higher on Monday after Hong Kong-based OKEx, the third-largest platform by volume, announced it would list the same package of stablecoins.

US cryptocurrency payment processor BitPay also launched stablecoin support on Monday, enabling merchants to receive settlements in Gemini Dollar and Circle USD Coin (USDC).

The stablecoin market has become very attractive as several new projects entered the space in recent weeks. Currently, Tether (USDT) is the largest player in this group, but the digital asset experienced on Monday a crash in price to an 18-month low in reflection of concerns over whether its developer holds enough dollars to back the assets in full. Tether later released a statement that insisted all of its USDT in circulation are “sufficiently backed by US dollars and that assets have always exceeded liabilities.”

Meanwhile, USDT-associated cryptocurrency exchange Bitfinex has been trying to assure users of its good financial standing. Last week, the Hong Kong-based exchange addressed recent media reports to deny circulating insolvency claims and Noble Bank-related issues.