In the latest cryptocurrency news, we have one of the most popular exchanges in Singapore, Huobi, with a new initiative to launch its own multi-stablecoin named HUSD – as a stablecoin that would be usable to trade Bitcoin and other altcoins whenever stablecoins are accepted.
The new stablecoin by Huobi supports four major stablecoins including the Gemini Dollar, Paxos Standard, USDCoin and True USD. Its function will be simple – users will be able to instantly have an equal value of any of the above by holding HUSD.
The launch was made official at a small event in New York called ‘The Stablecoin New York Conference’ where the General Counsel at Huobi, Joshua Goodbody, spoke at moderate length about the efforts of his firm.
As he stated:
“We believe the recent developments of stablecoins are positive for the industry and Huobi decided to support these developments proactively by launching HUSD. HUSD acts as a stablecoin aggregator. We provide the ability to deposit any of the four supported coins as HUSD and receive a 1:1 balance of HUSD which can be stored as well as traded against six pairs on Huobi Global. Users are also able to withdraw HUSD as any of the four applicable stablecoins.”
However, it seems that Goodbody misspoke the available pairs for HUSD which are BTC, ETH, EOS and USDT – traded directly against it and not as part of it.
The HUSD stablecoin, as presented, reduces the trading fees for traders dealing with several types of markets. Since there is no exchange that lists every token and opportunity all of the time, the movement between exchanges is necessary.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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