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HTUSDT Huobi Token

1.82
0.00 (0.00%)
00:02:17 - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
Huobi Token HTUSDT Huobi 133,830,662 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  0.00 0.00% 1.82 1.80 25.00
High Price Low Price Open Price Prev. Close 52 Week Range
1.82 - - -
Exchange Last Trade Size Trade Price Currency
Huobi.pro - 0.00000000 1.82 UST
Price x Volume Volume Base Symbol Related Pairs
0.00000000 0.00000000 HT HTBTC

The Case of Huobi Coin

19/10/2018 5:30pm

ADVFN Crypto NewsWire



Bitcoin Global News (BGN)

October 19, 2018 -- ADVFN Crypto NewsWire -- Stablecoins are trustable in principle, but they can still go down due to market volatility, in connection with other factors. Just look at what has been happening to Tether recently.

 

Popular news outlets in the Blockchain industry have been claiming that Tether may have broken its peg, which means that it is no longer a Stablecoin, on principle, due to losing its tie to the US dollar.

 

Working against this idea is the fact that it is only, today, two cents under a dollar.

 

Whatever the truth is on this, Tether has been falling in value and other Stablecoins have been picking up the slack. In response to this, as of today, Huobi has announced a new feature for its exchange users that involves Stablecoins and market volatility.

 

More specifically, to allow their users to swap between 4 Stablecoins almost instantly, they have created the equivalent of their own Stablecoin as a means of exchange.

 

That’s right.

 

Now, you can use one Stablecoin to move between four other Stablecoins.

 

As to which four are involved, the answer is PAX, TUSD, USDC, and GUSD. If you do not know what all of these are, to quickly recap, the first is the Paxos Standard, the second is the True US dollar from TrustToken, the third is Circle’s US dollar coin and the fourth is Gemini’s Gemini dollar. Besides Tether, these essentially amount to the most popular and basically most trustworthy Stablecoin options that are out there now.

 

If you are wondering how switching instantly between all of these projects is an improvement on Huobi’s existing options, it all comes down to their deposit and withdrawal procedures.

 

Just as is the industry standard with any project that is not directly convertible, until today, users had to either switch one of these Stablecoins to Bitcoin or switch it to a fiat currency, before investing the same funds in another, similar project. The problem with this has been the fees involved in doing so, that every centralized or partially centralized exchange imposes.

 

Now, with Huobi Dollar or HUSD, users have a direct medium of exchange that seems to function as a facilitator of direct atomic swaps between these coins. If you do not remember what an atomic swap is, it is enough to understand it as a feature that allows previously incompatible Cryptocurrencies to be exchange pairs.

 

On a deeper level, this is close to, but not exactly the case. Every time a Huobi user purchases any amount of any of these Stablecoins, he or she is credited immediately with the equivalent in HUSD. Think of this like what happened with Bitcoin Cash directly after the fork, except Huobi plans for this to continue indefinitely.

 

Because every user possesses this pair, a pool has been created which ostensibly includes all of these projects, with the option of a withdrawal being made at any time, from any one of them, with HUSD. Logically, this also appears to mean that fees on such transactions will either be drastically reduced or non-existent since little real swapping is actually being done.

 

Going forward, the major questions will likely be: can Huobi maintain a balance of all of these projects in this pool over the long term and do they have a legitimate stopgap solution if the pool becomes imbalanced?

 

In any case, we at least have a new method of accessing Stablecoins in a more efficient fashion.

 

 

By: BGN Editorial Staff

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1 Year Huobi Token Chart

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1 Month Huobi Token Chart

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