Huobi Revamps HUSD Stablecoin to Help Power 'Fiat On-Ramp'

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Huobi is replacing its current stablecoin solution with a new ERC-20 token.

Stable Universal Limited created the new token, which "Will be regulated and audited to be 1:1 to the actual value of U.S. dollar," according to a press release.

"In today's cryptocurrency markets, traders always need access to a safe, trustworthy stablecoin that is fully redeemable and limits risk exposure," Frank Zhang, CEO of Stable Universal, said in a statement.

The token will be listed on the Huobi exchange but will also be available on other exchanges and wallets.

The new stablecoin can be bought and redeemed at a forthcoming website from Stable Universal, stcoins.com, Huobi said in a press release.

HUSD will be integrated into the Huobi Global exchange as well as Huobi's OTC service.

"Providing better options to the cryptocurrency community has always been one of our biggest priorities here at Huobi," said Huobi Global CEO Livio Weng.

Notably, the dollars backing HUSD will be held in reserve by Paxos Trust Company, which is a qualified custodian regulated by the New York State Department of Financial Services.

Stable Universal is backed by Huobi Capital and Zheng was a former Huobi employee.

The Huobi Group is a $1 trillion exchange and owns part of Stable Universal.

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