Huobi Global Introduces HUSD Stablecoin to Meet Increased Trading Demands

Singapore-based Huobi Global has launched HUSD Stablecoin in context to satisfy trader demands amidst Covid-19 Pandemic.

By · Sep 25, 2020 . 5min read

Huobi Global HUSD Stablecoin latest news
Source : IStock

Huobi Global, a Singapore-based crypto exchange, has now extended its support for HUSD, a USD-backed stablecoin. Huobi Global today launched HUSD Stablecoin to meet traders demand while the world is suffering from Covid-19. The platform declared on Friday that it has launched trading in HUSD. This will help to satisfy the trading demand for the users of the platform. However, Huobi Global says that the HUSD stablecoin would trade against VET and BTM in the spot market. 

The HUSD stablecoin was first developed in July 2019 under the Stable Universal company and was pegged 1:1 to the United States dollar. After it created the stablecoin, various digital assets have used it for multiple services, varying from trading to payments and even in DeFi applications. Various crypto trading and DeFi platforms have backed HUSD. 

Previously, we have been witnessing that Huobi has been developing its offerings very actively across all of its platforms. Three weeks ago, on September 1, Huobi Futures also started trading for Bitcoin Options. The firm has appended call options that will offer a right to buy the underlying asset at a fair price and date to the buyers, which will expedite things for them.  

Brokerage and Trading Providers Expanding their Trade Offering

According to Ciara Sun, Vice President of Global Business at Huobi Group says that there has been a massive wave in derivatives trading volume between the COVID-19 pandemic. It was seen that during the COVID-19 pandemic, there had been a very competitive trading environment. This is the reason why many brokerage and trading providers have rapidly expanded their trading offerings. The ones which are multi-asset trading providers tend to capitalize on the heightened trading activity.

However, it is evident that trading providers now intend to seize the millennial market. They plan to launch the commission-free trading of stocks and digital assets. Simultaneously with this, it will also render options to make smaller investments. Conclusively, by appending support for HUSD, Huobi has now extended its network in spot trading.

Follow Cryptodose for more updates.

Share
       
         All News