Saturday, May 30, 2020

Huobi Follows OKEx to List Gemini (GUSD) and Three other Stablecoins

Huobi, one of the biggest crypto exchanges in the world, has released an official statement informing the public of its recent listing of four stablecoins on October 16.

Huobi made the announcement on its official website and revealed it would begin accepting deposits from the following listed coins by Friday: Gemini Dollar (GUSD), USDCoin (USDC), TrueUSD (TUSD), and Paxos Standard (PAX); all USD-backed stablecoins.

Just a day before Huobi’s announcement, OKEx, the second largest crypto exchange in the world according to CoinMarketcap, trailing just behind Bitfinex, also gave a public update announcing the inclusion of the exact aforementioned stablecoins, the listing following closely one another in what is hardly a coincidence.

Traders can already deposit and make their withdrawal on OKEx starting from Tuesday, while Huobi has announced that any Over the Counter trading of the four stablecoins would not begin until later when the date would be released to the public. However, users who are seeking to deposit already has the stablecoins available on Huobi wallet.

The Paxos stablecoin (PAX) had made significant headway in recent months prior to its listing, along with the fast-growing Gemini Dollar which has quickly gained grounds in relatively a year. Following its recent approval by the New York State Department of Financial Services (NYDFS) regulatory body, which is known for its slow-to-yield method of operation, Paxos moved to swiftly announce the company had issued approximately US$50 million worth of PAX tokens.

The Gemini dollar, developed by the Winklevoss twins (who has their fame growing by the minute) also announced last month that it had been approved by the NYDFS, and would continually seek to gain more grounds as they hope to provide users with necessary optimum experience.

Other than OKEx and Huobi, US-based Bitpay also added Gemini Dollar  and Circle USD Coin (USDC). to its list of growing support on Monday as well.

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