Topic: 4 Stablecoins Coming To Huobi: PAX, TUSD, USDC, and GUSD (Read 171 times)
I wouldn't buy the idea of stable coins now after seeing on what happened to Tether though in pricing its only a little amount of cents. But in reality if you hold a lot of it you're losing a lot of money. The essence of being stable is being gone and its becoming volatile for traders so if someone is getting into these stable coins, don't be too dependent with it being as a "stable". I've warned you and I'm sure that you have witnessed what happened few days ago.
I think the Huobi Group issued or added 4 stable coins to replace the USDT which was reported to be a scam and had pumped Bitcoin a few days ago. This is just my opinion, sorry if my opinion is wrong. thank you
i think is good news
but i hope can withdraw and deposit use bank account in the world
because if can't withdraw to bank only fraud
but i hope can withdraw and deposit use bank account in the world
because if can't withdraw to bank only fraud
It's much more complicated than that: https://huobiglobal.zendesk.com/hc/en-us/articles/360000170601-Announcement-on-Launching-HUSD-solution-on-Huobi-Global
They will accept deposits of PAX, USDC, TUSD and GUSD, but these coins will all be credited to your account as "HUSD". They therefore combine all the stable coin markets in to one and offer HUSD/BTC, HUSD/ETH, etc. When you want to withdraw your HUSD, you can choose which of the 4 stablecoins you want to withdraw.
Sounds great in theory, until we get a repeat of what has happened with Tether and the four stablecoins are all worth different amounts. I'm also not sure what they would do if a large number of people all want to withdraw in the same stablecoin in a short period, and they don't have enough reserves. I guess they would have to suspend withdrawals while they sell some other assets to buy enough of the coin to fund every withdrawal.
All-in-all, seems like an overly complicated system and one I will be staying away from, at least for now.
They will accept deposits of PAX, USDC, TUSD and GUSD, but these coins will all be credited to your account as "HUSD". They therefore combine all the stable coin markets in to one and offer HUSD/BTC, HUSD/ETH, etc. When you want to withdraw your HUSD, you can choose which of the 4 stablecoins you want to withdraw.
Sounds great in theory, until we get a repeat of what has happened with Tether and the four stablecoins are all worth different amounts. I'm also not sure what they would do if a large number of people all want to withdraw in the same stablecoin in a short period, and they don't have enough reserves. I guess they would have to suspend withdrawals while they sell some other assets to buy enough of the coin to fund every withdrawal.
All-in-all, seems like an overly complicated system and one I will be staying away from, at least for now.
this is a good step for Huobi with 4 stable coins where other exchanges still need to think because there are indeed many FUDs and will affect the market. if huobi can overcome the market with 4 coins it stays there i am sure huobi will become a leading exchange in asia and even the world
As long as there is no solid proof of those called "stablecoins" having 1 to 1 backing with real USD, gold or whatever, I still remain a little doubtful.
I think so too.
Why are there so many "stablecoins", and it's so easy to create.
Who guarantees the authenticity of these coin?
As long as there is no solid proof of those called "stablecoins" having 1 to 1 backing with real USD, gold or whatever, I still remain a little doubtful.
Huobi Group, the group being the world third largest crypto exchange Huobi Pro, is all set to add 4 stablecoins to its offering on 19th October 2018.
Read the full article here: https://steemit.com/cryptocurrency/@somejasonguy/4-stablecoins-coming-to-huobi-pax-tusd-usdc-and-gusd
Read the full article here: https://steemit.com/cryptocurrency/@somejasonguy/4-stablecoins-coming-to-huobi-pax-tusd-usdc-and-gusd
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