Huobi Introducing Worldwide Stablecurrency HUS
Huobi is among the top 3 digital money exchanges around the world. The exchange's trading volumes amount to millions of dollars per day.
Huobi now wants to introduce a world-wide Stablemoney known as HUSD. The currency can be traded with the American dollar and GUSD. The exchange is expected to launch the new currency on the 22nd of October. This will make it easier for traders to conduct business in the cryptocurrency industry.
The main objective is to eradicate the problem of selecting from amongst a diverse range of stablecoins. Another reason for its inception is to save the expenses of switching between stablecurrencies. Additionally, the combination of for stablecoins into a single stablecurrency will increase the value of an HUSD exchange pair. Additionally, it decreases trading risks because liquidity is spread between four stablecoins. Increased liquidity might result in excellent deals while trading.
Tether (USDT) Decreases Because of Market Volatility
Tether (USDT) value dropped to USD 0.925 because of the volatility of market prices that existed for quite some time. However, USDT has experienced a significant rise since then to 0.985 and its value is increasing each day. The information regarding its performance was released recently on 20th October.
The temporary loss of uniformity with the USD led to the listing of other currencies such as PAX and USDC. The main aim was to give potential investors a variety of alternatives to USDT. Payments for these stablecoins commenced on 19th October 2018.
HUSD will be exchanged with the four stablecoins. This indicates that if a client wants to withdraw HUSD, they can withdraw any of the four stablecurrencies. Therefore, the clients will not incur any costs while trading among the 4 currencies. The trading pair is expected to be introduced on 22nd October. Clients will move coins between Tether and the other trading pairs in the market. However, HUSD clients will not be allowed to withdraw money for 2 weeks.
Huobi’s long-term objective is to increase more stablecurrency in the market. HUSD now wants to test the stability of the new system using the four stablecoins. Any currency that fails the risk control standards will be eliminated.