View Markets Data →
Blockchain News

Huobi Global announces four stablecoins to be added as listed tokens on its platform

Huobi Global, the third biggest cryptocurrency exchange, has announced four stablecoins to be available to exchange on its platform.

Today on the 19th of October, Huobi Global posted an article online, stating that they will now be listing the stablecoins, Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC) and Gemini Dollar (GUSD) as tokens ready for exchange on their platform. More details regarding dates and times are to be announced at a later date.

A stablecoin is a cryptocurrency which maintains an equal 1:1 value with the U.S dollar. This allows it to fundamentally serve as a cryptocurrency form of the dollar- giving traders and investors the freedom to trade without the regulations and restrictions normally placed on the actual dollar.  

Paxos Standard is a relatively recent stablecoin which briefly entered the top 100 biggest cryptocurrencies for a day, before dropping down to the 124th  position according to CoinMarketgap. It is owned by the start-up company, Paxos.

True USD was the second stablecoin to launch after Tether. It currently ranks as the 45th most circulated cryptocurrency.

USDCoin was introduced back in September by the organization, Circle. It is ranked as the 185th biggest cryptocurrency.

Gemini Dollar was also launched in September. It was created by the Winklevoss twins’ cryptocurrency trade exchange. Both this stablecoin and PAX have been approved by the New York State Department of Financial Services (NYDFS). USDC currently ranks in as the 181st largest cryptocurrency.

There are several arguments for and against stablecoins. As previously mentioned, stablecoins allow for the more fluid aspects of normal fiat currency while still retaining the unregulated and unrestricted aspects of cryptocurrency.  On the other hand, some claim that what is essentially an imitation of a physical currency should still be held to the same laws as one.

There are always two sides to a coin.