Crypto Exchange Huobi Plans To Launch Stablecoin In 2019
As part of its 2019 agenda, Huobi has announced it plans to launch its own stablecoin. In addition, the CFO of Huobi has also announced that its platform will be expanded and upgraded internationally.
Huobi CFO Chris Lee said “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.”
In early January they started Huobi chat, which functions as both crypto wallet and an application for messengers. The ambitious venture intends to sign up over a million users in the initial 50 days of launch. They started operating their futures trading platform back in December 2018.
But Huobi, similar to other exchanges, faces hurdles after the steep decline in Bitcoin prices. Its news aggregation department was closed recently along with a branch.
It is perceived that, in view of the drop in Bitcoin prices, at least 100 employees of Huobi were expelled. Still, Huobi is considered to be in a better shape than certain crypto companies such as Gigawatt, which had shut down their operations.
Although the planned Huobi stablecoin has considerable support, as Huobi is one of the world’s top five exchanges, stablecoins have a lot of controversy surrounding them.
Stablecoins offers security as they are pegged to fiat currencies. Skeptics have even questioned the validity of stable coins. Tether is one such stable coin which is surrounded by controversies. Therefore, Huobi’s stable coin may be closely monitored after its launch even though it would be able to thrive with the support of the members of its cryptoexchange.