Cryptocurrency exchange from Singapore Huobi has launched a new tool that enables users to switch between different crypto-currencies, provided the dollar, that is stablename that can be useful in situations of market fluctuations.
The tool, called the HUSD will work with tokens from PAX Paxos, TUSD from TrustToken, USDC from the Circle and GUSD from Gemini. Because all of these currencies provided the us dollar at a ratio of 1:1, users will be able to safely and quickly exchange them. For example, to contribute to GUSD and put them in TUSD.
As explained by chief operating officer Huobi Robin Zhu (Robin Zhu), HUSD is not stablein or Protocol, but rather an environment that simplifies the exchange of some tokens of the above type on the other. The principle of operation is that the user makes to the exchange, 10 PAX, and in his account they are converted into HUSD. If the client then wants to withdraw the funds in tokens GUSD, 10 HUSD will go to the account of any other user of the exchange, which has GUSD. This method imposes certain limitations on the amount of withdrawal, as if a pool of the exchange will not be enough of any of the requested token, the user will not be able to withdraw the required amount.
Zhu said that in the future there may be a situation when in the pool does not have the necessary number stabilio to cover all client requests. In this case, according to operations Director, the exchange will redeem stabilini to pool their issuers.
Interestingly, opportunities to trade listed stablename in pairs with cryptocurrencies on Huobi will not, however, in the coming weeks on the site you’ll see a trading pair with HUSD. In addition, from October 22 on the exchange will be a shopping couple HUSD/USDT. The company deliberately decided not to include stabilin from the Tether into a common pool stabilio because, according to Zhu, “the Tether there is no reliable and regular audit reports that would confirm the presence of the company’s dollar reserve.”
“The market is likely to see hundreds stabilio in the future,” added Zhu. “Just until we give you the opportunity to work with most adjustable stablename, and we hope that the use of HUSD will help maintain the stability of this market.”
Recall that the popularity of the above four tokens has increased because of the incident with the collapse of prices on the Tether. As a result, the trading volume in pairs with stabilium GUSD on the stock exchange, Gemini has doubled.