Stable Universal and Paxos Global Jointly Launch Industry-First 1:1 Conversion Between Stablecoins HUSD and PAX on Huobi
For the first time, circulation is opened between two stablecoins for 1:1 conversion without transaction fees
Oct 18, 2019, 09:00 ET
SINGAPORE, Oct. 18, 2019 /PRNewswire/ -- Paxos Global PTE Ltd, a fintech company that digitizes and mobilizes assets, and Stable Universal, today announced at the Eurasia Blockchain Summit that 1:1 conversion between HUSD and PAX is now supported on Huobi Global. This marks the first time that two stablecoins are available for 1:1 conversion, allowing for open circulation. The same functionality will be available on the Paxos platform in the near future.
Rich Teo, Co-Founder and CEO Asia of Paxos, expressed excitement about the announcement at the summit by commenting: "Paxos is equally committed to increasing the circulation of our partnered tokens as we are to PAX. As the custodian for both, we are able to make them fungible while maintaining the highest regulatory standards. We believe that this will significantly increase the liquidity of both HUSD and PAX."
Frank Zhang, Founder of Stable Universal, commented, "Ultimate fungibility of regulated stablecoins is an important feature for seamless user experience, as well as aggregating the liquidity for better trading functionality. Stable Universal strives to achieve such fungibility between all regulated stablecoins, which we believe to be an industry standard in the future."
Beginning on October 17, 2019, Huobi Global users can easily convert between HUSD and PAX on a 1:1 basis with no transaction fees. The new functionality set into motion by the alliance between Stable Universal, Paxos Global, and Huobi Global is the first step to opening 1:1 stablecoin swap in the market, providing assurance against volatility, and boosting liquidity.
"The market for stablecoins adds a value of trust to the cryptocurrency market, and at Huobi, we expect the highest standards of compliance, liquidity, and credibility from the HUSD project," said Livio Weng, CEO of Huobi Global. "This alliance acts as a bridge and a pioneering step toward building a market of trust for stablecoins. They serve an important purpose for our community and we are proud to offer this functionality to our users."
Stable Universal issued the HUSD Token in July this year. Pegged 1:1 to the U.S. dollar, HUSD is designed to strengthen liquidity and simplify trading experience. Every HUSD is backed by 1 dollar held in reserve by the Paxos Trust Company, and is attested by a top U.S. auditing firm. Users can register and exchange HUSD and USD via www.stcoins.com, and convert HUSD with PAX via www.hbg.com.
About Huobi Group
Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established in 2013, Huobi Group's accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure, and convenient digital assets trading and digital assets management services to millions of users in 130+ countries. For more info, visit www.hbg.com
About Paxos
Paxos is on a mission to modernize finance by mobilizing assets at the speed of the internet. Paxos is building a future where all assets—from money to commodities to securities—will be digitized and can move instantaneously, 24/7. Settlement risk will cease to exist, so trillions of dollars of trapped capital can go to work in a global, frictionless economy.
About Stable Universal
Stable Universal is a blockchain startup. Its first offering is the U.S. dollar-backed stablecoin HUSD Token, which is available at www.stcoins.com in a 1:1 ratio with USD and also for trading on Huobi exchange.
Elena Zheng
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SOURCE Huobi Global
