Fifth Largest Crypto Exchange Huobi Lists Four USD-Backed Stablecoins, Following OKEx

Another major crypto exchange Huobi has announced the listing of four stablecoins at once, according to an official statement Tuesday, October 16.

Starting Friday, Oct. 19, the fifth largest crypto exchange by trading volume will start accepting deposits of four USD-backed stablecoins – Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD).

The Huobi Global team noted that the stablecoins are already available on Huobi Wallet, while the launch time and other details are set to be announced at a later time.

Huobi also stated that they will release detailed plans for over-the-counter (OTC) trading of the stablecoins on Huobi OTC “soon.”

The move from Huobi follows closely on the heels of an almost identical announcement about the listing of the same four stablecoins by the second top crypto exchange by trading volume, OKEx, yesterday, Oct. 15. OKEx has already launched deposits in the four stablecoins, with withdrawals available starting from today.

Also on Oct. 15, blockchain trust company Paxos announced it had issued about $50 million worth of its stablecoin Paxos Standard Token. The Ethereum (ETH) blockchain-based stablecoin has received regulatory approval from the New York State Department of Financial Services (NYDFS) on September 10, together with another stablecoin Gemini Dollar that was launched by Winklevoss brothers.

Yesterday, U.S.-based cryptocurrency payment processor BitPay also launched stablecoin support, enabling merchants to receive settlements in Gemini Dollar and Circle USD Coin (USDC).

Coinbase Opens Office in Ireland as Part of Brexit Contingency Plan

San Francisco-based cryptocurrency exchange Coinbase has opened a new office in Dublin, Ireland, according to an announcement published Oct. 15. In addition to helping expand its operations in Europe, the new Irish offices are reportedly part of a contingency plan for when the U.K. leaves the E.U.

Per the announcement, the Dublin team will take on a number of new business-related functions, while London will remain Coinbase’s main office in Europe. The Irish Minister for Financial Services and Insurance Michael D’Arcy commented on the exchange’s expansion:

“I am delighted that Coinbase is opening an office in Dublin. This decision highlights the competitive offering and attractiveness of Ireland for financial services.”

Coinbase’s U.K. CEO Zeeshan Feroz told the Guardian that the company is looking to capitalize on the talent pool available in Ireland. Feroz further added that the Irish office would enable Coinbase to serve its customers in the E.U. should the U.K. leave:

“It is also a plan B for Brexit. As we plan for all eventualities, it’s important that we continue servicing our customers across Europe, and Ireland would be our preferred choice there if it comes to it.”

As previously reported, in the case of an eventual Brexit, the U.K. and the E.U. agreed to leave the border between the Northern Ireland and Republic of Ireland open. However, the U.K. intends to leave the E.U. Customs Union.

British finance minister Philip Hammond expressed hope that blockchain technology could help ensure seamless post-Brexit trade between the U.K. and the E.U., as it enables product movement to be recorded transparently and without changes.

In December last year, digital consultancy group Reply published a study called “Blockchain for Brexit,” where it provided an insightful analysis of how blockchain could help with post-Brexit U.K.-E.U. trade. “The primary contribution of blockchain here is [to] establish a robust and watertight data trail for goods,” the report reads, arguing that such a trail would “reduce the need for inspections at the border.”
Ireland itself has gained a reputation in Europe as a hub for the tech industry, due in part to its low corporate taxes and proactive measures to bring business to the country. In June, IDA Ireland, a governmental agency responsible for attracting foreign direct investment, started an initiative to promote blockchain investment and development in the country.  

In May, academics at the National University of Ireland Galway urged the government to promote blockchain in the country, arguing that the technology’s potential impact on economic growth could transform business and government operations. Ireland is also a signatory to the  European Blockchain Partnership, which was created by the European Commission this spring.

Third Top Cryptocurrency Exchange OKEx Lists Four Stablecoins at Once

The third top crypto exchange by market cap, OKEx, has recently announced the listings of four stablecoins at once, according to an official blog post published on Monday, Oct. 15.

OKEx has added support for four stablecoins, including TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX). According to the schedule mentioned in the statement, the stablecoins have become available for deposits today, at 05:00 PM on Hong Kong Time (HKG), with a number of crypto trading pairs. Withdrawal will be available starting tomorrow, Oct.16.

TrueUSD is the second stablecoin that has been introduced following the launch of controversial stablecoin Tether (USDT), which is backed by the U.S. dollar on a 1:1 proportion. Both listed on major cryptocurrency exchanges like Binance, Bitfinex, OKEx, Huobi and HitBTC, the stablecoins are deployed on the Omni and Ethereum blockchain networks.

Based on tokenization platform TrustToken, TrueUSD has been touted as “world’s first legally backed stablecoin,” and went live on the Bittrex crypto exchange in March 2018.

On Sept. 10, the New York State Department of Financial Services (NYDFS) approved two stablecoins, Gemini Dollar and Paxos Standard Token. Gemini Dollar — launched by Winklevoss twins, founders of crypto trading platform Gemini — is a crypto backed by USD and “held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance.”

Backed 1:1 by the dollar, the Ethereum (ETH) blockchain-based stablecoin Paxos Standard Token was launched by Paxos and described as a “fiduciary and qualified custodian of customer funds.”

The last stablecoin listed on OKEx is the recently launched USD Coin, announced by crypto finance company Circle on Sept. 26, with listings available on major exchanges such as Circle’s Poloniex, Huobi, OKCoin, KuCoin, and digital wallet and exchange Coinbase.

As a part of the fast-growing blockchain and crypto industry, the stablecoin niche has recently seen an onslaught of new coins. On Oct. 9, Japanese internet giant GMO Internet confirmed its plans to launch a crypto stablecoin pegged to the Japanese yen.

On Oct. 8, “Big four” audit giant PricewaterhouseCoopers (PwC) partnered with decentralized lending platform Cred to provide tech expertise in the launch of their USD-backed stablecoin. And earlier in September, American venture capital fund Andreessen Horowitz invested $15 million in Ethereum-based stablecoin Dai (DAI).

The world’s largest exchange Binance has recently frozen withdrawals of major stablecoin Tether. According data acquired by crypto media The Block, the maintenance occured due to “increase the speed of withdrawals amidst heightened volume,” taking 30 minutes to fix and reopen Tether withdrawals.