Singapore-headquartered cryptocurrency exchange Huobi announced the creation of what it calls a “stablecoin solution” in a blog post Friday, Oct. 19.
Set to go live from Friday, the project, known as HUSD, will consist of Huobi’s own stablecoin asset which investors can use as an go-between to interact with four USD-backed stablecoins currently listed on the exchange.
Specifically, Huobi will accept and store Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD), giving users a balance in HUSD as a kind of aggregator of all four.
According to Huobi’s post, users can then cash out the same stablecoin they deposited or select from any of the other three.
HUSD will also be tradeable against other cryptocurrencies, beginning with controversial stablecoin Tether (USDT), followed by Bitcoin (BTC) and Ethereum (ETH).
Commenting on the project, Huobi said it would expand it to cover other stablecoins in future.
“We will keep a close watch on new stablecoins that appear on the market and optimize the HUSD standards,” executives wrote:
“We look forward to more stablecoins being involved in the HUSD system.”
Huobi announced the listing of the above four USD-backed stablecoins earlier this week, following a similar move by OKEx.
Huobi is currently the third largest crypto exchange globally by daily trading volumes, seeing about $416 million in trades on the day to press time.