On October 19, a cryptocurrency exchange Huobi Global announced launched an all-in-one program which is called HUSD.
HUSD is an integrated solution targeted at multiple stablecoins, which helps to eliminate the need to choose between multiple stablecoins. It also helps in saving costs when switching between stablecoins.
When you deposit any kind of stablecoins, they will be shown as HUSD in your account. You may withdraw any kind of stablecoin; when the amount of a particular stablecoin is not sufficient in your account balance, you may withdraw other stablecoins in which you have excess balances in.
For example, when you deposit 1 PAX, it will show as 1 HUSD in your account, and you can withdraw 1 TUSD (not considering transaction fees on the blockchain).
Currently, the HUSD solution supports four kinds of stablecoin: Paxos Standard (PAX), True USD (TUSD),USD Coin (USDC) and Gemini Dollars (GUSD).
Huobi Global adds that if the stablecoin doesn’t meet the corresponding risk control standard, the exchange will remove it off from the HUSD system.
- The deposit service of PAX, TUSD, USDC and GUSD will start at 16:00, October 19 (GMT+8 ) .
- USDT/HUSD trading pair will be listed at 10:00 AM, October 22 (GMT+8) on Huobi Global.
- Transfer service of HUSD between Huobi OTC and Huobi Global will start at 10:00 AM, October 22 (GMT+8), and trading services of HUSD on Huobi OTC will start at 10:00, October 23 (GMT+8).
Huobi Global writes that it will commence BTC/HUSD and ETH/HUSD trading at another time after evaluating market conditions.
Huobi App will support the trading service of USDT/HUSD, and the deposit and withdrawal services of HUSD will be available in the next App version.
According to the announcement, Huobi Global will start the withdrawal services of the stablecoins in one to two weeks.