The Chinese exchange platform Huobi is planning to launch its own stablecoin this year as part of its 2019 road map, according to his speech (Sunday, 20 Jan) in an invitation-only event in Singapore.
During the presentation, Chris Lee, Huobi’s CFO, announced that the company will also update its trading platform and continue expanding internationally.
2018 brought us huge challenges but I’m personally optimistic about the crypto market. I do think we’ll see things get better this year,” CFO Chris Lee told the audience at the members-only event.
Reportedly after his speech, Li Huo, Managing Director of Huobi Capital and the investment arm of Huobi Group, echoed that point in the same event saying
When it comes to institutional investment in digital assets, we are still very much in the infant stage. Now that infant is starting to grow up.
Like many other major exchanges, Huobi has already adopted a hands-on approach to stablecoins, which are tokens pegged to a stable value either by an underlying fiat currency or even algorithmically.
In October alone, the platform revealed support for four USD-backed stablecoin assets: Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD), plus launched its own “stablecoin solution” (HUSD) that combined all four.
Despite several reports of staff layoffs at the start of December 2018, Huobi says it will continue pushing into new markets. In fact, after its merger with BitTrade, Huobi Japan has relaunched itself as a fully regulated exchange under Japan’s Financial Services Agency (FSA).
According to CoinMarketCap, Huobi Global is currently ranked the 6th largest cryptocurrency exchange platform by adjusted daily trade volumes.