The fourth largest cryptocurrency exchange by trading volume announced its next migration to list four new regulated USD-backed stablecoins, viz a viz Paxos Standard (PAX), Gemini Dollar (GUSD), TrueUSD (TUSD), and USDCoin (USDC). On Oct 16, 2019 , through its website, the exchange mentioned it would go live on Oct. 19.
Based on the official statement the exchange is anticipated to start accepting payments for that aforementioned stablecoins from Friday, Oct. 19.
However, the detailed and comprehensive proposal including tips on over-the-counter (OTC) trading in the stablecoins on Huobi OTC are not revealed because of the Huobi Global team.
The latest move by Huobi came immediately following the announcement of OKEx, the next leading crypto exchange by trading volume concerning identical report on the same four USD-backed stablecoins on Oct. 15, that has already started the deposit and withdrawals on its steadfast platform.
With while on the move development phase, the family members protocol blockchain company Paxos also stated that it had issued about $50 million in its stablecoin Paxos Standard Token ((PAX)). The Ethereum (ETH) blockchain-based stablecoin received regulatory approval out of your New York State Department of monetary Services (NYDFS) on September 10, with another stablecoin Gemini Dollar (GUSD )that’s launched by Winklevossbrothers. As with most other major fiat stablecoins, each GUSD token is backed by $1.00 in difficult currency.
The Circle’s USDC token permitting authorized banking institutions to join through its open membership procedure and delivering financial methods to those seeking aid in resolving problems in today’s crypto market, while TUSD may be a collateralized, dollar-backed stablecoin counted upon and trusted by multiple banking partners.
Also, the U.S.-based cryptocurrency payment processor BitPay introduced stablecoin support, permitting merchants to obtain settlements in Gemini Dollar and Circle USD Coin (USDC) on Monday, Oct. 15.
With the brand new progressions and maturity of the present market trend Tether will clearly going to face some critical issues by competing with the latest stablecoins.
Tether’s USDT token dubbed as “tether”, which is also a U.S. dollar-pegged stablecoin fully-backed by currency reserves and holding enough USD reserves to back the tether tokens in circulation much like the claim by Tether Limited, the manufacturer behind it as well as developers. Although, yesterday it was trading 3.Five percent lower than its supposed value at $0.965. Tether has fallen as a result of approx.. 93 cents at some point during the day but is currently trading near $0.98.
No doubt in the entry of brand new chain of USD pegged stable coins to the stablecoin field have put pressure on market sentiment if your them in the foray to supersede USDT.