Stable Universal announced the official Singapore launch of HUSD, a stablecoin product that is now available to individuals and institutions in the city-state. Stable Universal is a strategic partner of Huobi Group. Users from Singapore can now register and exchange HUSD using USD on-ramps on stcoins.com.
According to Frank Zhang, Founder of Stable Universal, “unregulated stablecoins have many vulnerabilities and pitfalls. Therefore, HUSD aims to assist in providing safe and compliant stablecoin products and services as a dollar-pegged stablecoin. Stablecoins are a segment of the crypto industry that continues to grow and can be the key to crypto-assets mass adoption. Most stablecoins are currently asset-pegged; they work alongside traditional money and can be pegged to a fiat currency or other assets of choice.”
Zhang stated that Singapore has clear regulations and straightforward project registration regarding digital assets, especially stablecoins. He added that while Singaporean regulators are friendly to stablecoins, token projects in the jurisdiction are also required to adhere to know-your-customer (KYC) and Anti-Money Laundering (AML) laws.
In October of 2019, Huobi Group Founder & CEO Leon Li gave a speech where he said, “that current blockchain industry development faces anti-money laundering risks and regulatory compliance issues, which is why Facebook’s Libra cryptocurrency is fast losing friends.” Therefore, stablecoin, cross-border payment, and DeFi have ushered in new challenges and development opportunities. Leon Li also emphasized that 2020 will be a great year for stablecoins and building infrastructure for stablecoins.
Although HUSD still in its early stages, HUSD is expanding its application range and potential real-world uses. Currently, the HUSD trading zone on Huobi Global provides 11 active trading pairs against HUSD, including trading pairs between popular stablecoins as well as major crypto assets. HUSD has also partnered with payment solution providers, including Alchemy Global Payment and SWFT Blockchain.
About Stable Universal
Stable Universal is a blockchain startup. Its first offering is the U.S. dollar-backed stablecoin product, HUSD Token, which is available at www.stcoins.com in a 1:1 ratio with USD and also for trading on Huobi exchange.
For more details, visit www.stcoins.com
About Huobi Group
Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established in 2013, the company’s Huobi Global exchange accumulates a turnover that places it among the leading global exchanges. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries.
For more info, visit www.huobi.com