Another Top-10 Crypto Exchange Is Adding 4 Stablecoins This Week

The Huobi exchange has announced it will add support for four U.S. dollar-pegged cryptos, a day after OKEx did the same.

AccessTimeIconOct 16, 2018 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 8:29 a.m. UTC

Huobi has announced it will list four U.S. dollar-pegged cryptocurrencies this week, making it the latest major exchange to do so in wake of recent issues surrounding the tether cryptocurrency.

In an announcement Tuesday, the Singapore-based exchange – currently, the fourth-largest by trading volume – said it will open deposits and withdrawals for TrustToken's TUSD, Circle's USDC, and two regulator-approved stablecoins: the Gemini exchange's GUSD and Paxos' PAX, on Oct. 19.

Huobi is also the fourth-largest trading platform for the trading of U.S dollar-pegged stablecoin tether (USDT), with $231 million-worth changing hands in the last 24 hours, according to CoinMarketCap data.

A spokesperson for Huobi told CoinDesk that its existing support for USDT will continue as usual.

Livio Weng, VP of Huobi Group, said:

"Tether is one of the biggest stablecoins in the market, and realistically it will take some time before other stablecoins can catch up. We currently have no plans to restrict trading, deposits, or withdrawals in regards to Tether. However, in the interest of providing users with more choice, we are also in the process of listing several new stable coins."

The exchange added that, since the total capitalization of the stablecoin market is still relatively small and not suitable for large-scale trading, it is also seeking institutional investors and over-the-counter traders to sign up as market makers.

The news comes a day after USDT saw a crash in price to 18-month lows amid concerns over whether its developer holds enough dollars to fully back the assets.

Tether later issued a statement claiming that all of its USDT in circulation are "sufficiently backed by U.S. dollars and that assets have always exceeded liabilities."

As of press time, the price of USDT has climbed back to above $0.98, according to CoinMarketCap.

Just yesterday, the Hong Kong-based crypto exchange OKEx, currently the third-largest platform by volume, also announced it will add the same suite of stablecoins, starting the roll-out process today

Huobi image via Shutterstock

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