One of the world’s largest digital currency exchanges, Huobi, wants to tap into the rapidly growing stablecoin market this year, industry website Cointelegraph has reported.
According to the online publication, during a members-only presentation held in Singapore, Huobi announced that it would likely launch its own stablecoin in 2019.
“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,” Huobi’s chief financial officer Chris Lee said, as quoted by Cointelegraph. “This year will be huge for stablecoins and we will be a part of that. Likely Huobi Group will launch its own stablecoin in 2019 in the first half of the year,” he reportedly added.
Last year, the leading stablecoin, Tether (USDT) saw a number of challenges, including allegations that it is used to prop up the price of Bitcoin in time of weakness. This eroded some of the public’s trust in the coin and allowed other stablecoins to play more important role on the crypto scene. While UDST continues to dominate the stablecoin space, some major exchanges have started paying closer attention to the available alternatives. Huobi, itself, listed four USD-backed stablecoins in October – Paxos Standard, TrueUSD, Gemini Dollar and USDCoin, a stablecoin developed as a result of a partnership between US crypto exchange Coinbase and Circle.
Huobi is currently the sixth-largest digital currency exchange, as measured by trading volume. According to data from digital currency tracker Coinmarketcap, Huobi has processed crypto trades worth nearly 325 million over the past 24 hours. UDST plays a major role in the trading activity seen on the platform, as it is part of eight of Huobi’s 10 most-traded offerings.
During today’s meeting in Singapore, Huobi also announced that it plans to update its trading platform and continue its international expansion, Cointelegraph reported.