Through a partnership with Paxos Trust Company and, Huobi Global will launch a new stablecoin HUSD Token backed to US dollars. Through HUSD Token Huobi is making another milestone in its entity since HUSD Token will mark its transition from its current HUSD system into the ERC-20 era.
By launching HUSD Token, Huobi will be giving traders the power to purchase HUSD Tokens on a one on one basis with US dollars. Although Huobi Global will be the first exchange to unveil the HUSD Tokens for trading, other crypto-based platforms, wallets, and cryptocurrency-based exchange will list the HUSD Tokens.
Through HUSD Token, three firms have been brought together to work as one. At the centre of it all, is Huobi Global, which will take care of listing the tokens for trading.
On the other hand, the opening of accounts for trading, verifying ‘Know Your Customer’ requests and ensuring the platform is compliant with the anti-money laundering laws in place will be Paxos Trust Company’s task.
The third company, Stable Universal, is responsible for the creation of the HUSD tokens conducting smart contract audits and handling on-chain transaction monitoring. To carry out the smart contract audits, Stable Universal will work with third-party entities.
In addition to the above, a reputable US auditing firm will be contracted every month to ensure the supply of HUSD Tokens equals to the amount of USD in reserve under Paxos Trust Company.
Paxos is a fully compliant and qualified custodian firm with a license from the New York State Department of Financial Services (NYDFS), so HUSD tokens reserves are in safe hands.
“With such a team behind HUSD Token, we are more than happy and are assured of our token being a game-changer in the market.” Frank Zhang, CEO of Stable Universal.
” Paxos will come in to provide the best services in regards to protection and oversight. On the other hand, Huobi’s broader market penetration assures us of a quick way to build liquidity for our token. Besides that, HUSD token is designed to be simple, efficient, and it is fully redeemable and will come in handy at helping traders limit risk exposure.”
With each entity complementing the work of the other, for crypto traders, this is yet another stablecoin designed to meet their needs.