Singapore-based cryptocurrency exchange Huobi launched an all-in-one stablecoin solution called HUSD, which targets multiple stablecoins listed recently on the exchange.
The solution is expected to eliminate the need to choose between multiple stablecoins and save costs of converting between stablecoins.
Huobi, the world’s third largest crypto exchange by trade volume, listed four other US dollar backed stablecoins, Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD) and started accepting its deposits from last week.
Under the HUSD solution, any deposit using the four stablecoins will automatically be converted to HUSD and withdrawal can then be made in any of the four stablecoins in which you have excess balances.
The HUSD solution currently supports the four newly listed stablecoins, but as and when more new stablecoins are listed on the exchange, it will be added to the HUSD system.
The exchange plans to continue to evaluate the existing stablecoins in the HUSD system on a real-time basis. It will then remove the stablecoins that they find not meeting the corresponding risk control standard.