Crypto Exchange Huobi To Launch Its Own Stablecoin In 2019

One of the largest crypto exchanges worldwide announced its plans to launch its own stablecoin in 2019 as a part of its annual road map according to their official press release that reached our blockchain news.

Huobi’s CEO Chris Lee said during a presentation in Singapore, that the company is also considering the upgrade of its platform and the plans of international expansion:

 “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. 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.”

Following the success path of many other major crypto exchanges, Huobi has already adopted another approach known as the hands-on approach to stablecoins in which cryptocurrency tokens are pegged to a stable value whether that is fiat currency or algorithmically pegged.

Last October, the platform revealed their support for four USD-backed stablecoins and also launched its own ‘’stablecoin solution.’’

Despite the many reports of laying off staff at the start of December 2018, Huobi says that it will continue to push the company into new markets and new limits and that’s when the company actually opened its Huobi Japan Platform. Having a license as a crypto exchange in Japan is mandatory since April 2017 after the amendment of the country’s Payment Services Act was imposed but the agency has continued to look out for applicants in 2018 as well after the huge $532 million theft of NEM tokens from Coincheck happened.

Huobi General is now ranked as the sixth largest cryptocurrency exchange by daily trading volumes according to the data showed on CoinMarketCap.