Introducing the new ERC-20 Stablecoin “HUSD” pegged 1:1 to the U.S. Dollar
Lead: With straightforward fiat onramps and full integration into Huobi Global, HUSD Token offers stablecoin users an alternative to Tether.
Huobi – along with its strategic partner Stable Universal and independent Paxos Trust Company – are pleased to announce the launch and listing of a new stablecoin, designed to offer better transparency, security, and stability for stablecoin users. On Saturday, July 20, the issuer Stable Universal will launch HUSD Token, and fully listed on and integrated with Huobi Global as an alternative to existing stablecoins, like Tether (USDT).
What Sets HUSD Token Apart?
Huobi along with its strategic partner Stable Universal to launch the stablecoin toekn HUSD
To ensure the 1:1 peg to the U.S. Dollar is maintained, every dollar backing HUSD Token will be held in reserve by the Paxos Trust Company, a fiduciary and qualified custodian under the New York State Department of Financial Services (NYDFS). This peg is attested monthly by an independent U.S. audit firm, adding increased transparency and security for users’ peace of mind.
Full integration with Huobi Global, one of the largest and most liquid cryptocurrency exchanges in the world.
A simple, fast, and straightforward fiat onramp and offramp via a soon-to-launch service by Stable Universal will be where users can purchase and redeem HUSD Token. The service will be accessible at stcoins.com. HUSD Token will also be integrated with Huobi OTC.
“Providing better options to the cryptocurrency community has always been one of our biggest priorities here at Huobi,” said Livio Weng, CEO of Huobi Global. “We are proud to partner with Paxos and Stable Universal on this pioneering project and look forward to bringing the new HUSD Token to over ten million users across Asia and the world. It is truly exciting to see Stable Universal make transparency and security priorities for their stablecoin project and offer these service now to Huobi users.”
The HUSD Token, issued by Stable Universal, will be distinct from Huobi’s current HUSD solution system. In the coming days, Huobi will transition from that current system (a solution that allows multiple stablecoin denominations to trade as one) to the new HUSD token. HUSD Token, designed as an ERC-20 token, will also be available to be listed on more exchanges, wallets, and cryptocurrency platforms.
Frank Zhang, CEO of Stable Universal, said, “In today’s cryptocurrency markets, traders always need access to a safe, trustworthy stablecoin that is fully redeemable and which provides a tool for traders to shelter from market volatility. Subject to regulatory oversight and compliance requirements, HUSD Token is reliable and designed to be efficient and simple – we believe it’s the best fiat on-ramp and will be a game-changer in the space. We’re excited that Huobi will list HUSD Token, allowing us to build liquidity quickly with their massive customer base. Combined with the sterling reputation of Paxos, we are offering a product that is dedicated to providing stable, secure, and safe services for our customers.”
In addition to trading HUSD Token on Huobi Global, users can also get HUSD Token 1:1 for USD through Stable Universal. Paxos will manage all “Know Your Customer” and anti-money laundering compliance reviews for these account openings, in addition to holding the USD deposits in reserve. On a monthly basis, an independent U.S. auditing firm will perform an attestation to ensure USD reserves match the supply of HUSD. Stable Universal will work with third parties for smart contract audit and on-chain transaction monitoring.
Richmond Teo, Paxos Co-Founder and CEO of Paxos Asia, commented, “Paxos maintains a unique position in the crypto-asset space because of our regulatory stack and deep commitment to protecting customer assets. Trust underpins all aspects of our own products, and we are proud to now offer trust-as-a-service to power HUSD, a new stablecoin on Huobi Global. This is a new model that allows other innovators to create safe, trusted and fully-backed solutions that support wider crypto-market adoption for cash and assets using our unique regulated status. This is just the beginning of what Paxos can offer as we build the future of digital assets.”
About Stable Universal
Stable Universal Limited is a technology startup venture that offers the U.S. dollar-backed stablecoin HUSD Token (HUSD). HUSD is backed in a 1:1 ratio to the US dollar held in a U.S trust company, combining the features of the US dollar with the efficiency of block chain technology. An independent U.S audit firm conducts monthly attestations of the HUSD Token, and the attestation report is available for public viewing on stcoins.com. HUSD will continue to expand its application in other digital assets fields in the future.
For more details, visit http://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 http://www.huobi.com