Huobi Global, a digital assets exchange firm located in Singapore, has announced HUSD Stablecoin trading. The launch was announced in the early hours of today, and the digital assets exchange said the HUSD is a member of the stablecoin family, which is backed by the US Dollar.
Furthermore, Huobi Global has said that the HUSD stablecoin would trade against VET and BTM in the spot market. The stablecoin was first created in July 2019 under the Stable Universal company and was pegged 1:1 to the United States dollars. Since the creation of the stablecoin, many digital assets have used it for various services ranging from trading to payments and even in DeFi applications.
HUSD stablecoin to pair with VET and BTM
Aside from the launch of the trading of HUSD stablecoin, Huobi has been making big waves in the crypto market as it has been working on expanding its service across the market.
Through its Futures platform, the crypto assets outfit launched the trading of Bitcoin Options, which was launched on September 1. The new options make use of two different options to carry out its services. The Call options allow traders to buy assets at a particular price when they wish, while the Put option gives the buyer the right to sell whenever he wishes to and at any price.
The Vice President of the exchange outfit said the platform witnessed a surge in the derivatives trading during the coronavirus pandemic period. At the end of August, Huobi Global said that traders are now flocking into crypto derivatives trading, leaving spot trading behind.
With the markets increasing competition, most of the high-grade trading platforms have expanded their services. Trading platforms are trying to woo customers to their platforms by launching commission-free trading of digital assets. Huobi will be aiming to get one over other crypto exchanges with the launch of the HUSD stablecoin.