Huobi exchange to cancel fixed exchange rate of stablecoins for HUSD instrument
Cryptocurrency exchange Huobi this Thursday announced the launch of the second version of its tool for the exchange of stablecoins. As before, it allows you to exchange four stablecoins (PAX, TUSD, USDC and GUSD) for HUSD, which itself is not a stablecoin and cannot be withdrawn from the exchange..
HUSD V2.0 is available in experimental mode and has an important difference from the previous version. Thus, in HUSD V2.0, the fixed exchange rate (1: 1) was eliminated. Now stablecoins are exchanged at the market rate in US dollars, which is determined in accordance with the fiat-cryptocurrency pairs of the largest exchanges.
In this regard, the exchange of stablecoins is no longer carried out automatically – users are invited to choose the exchange time and the volume of the transaction themselves.
For example, if a user exchanges 1,000 PAX for HUSD at a PAX / HUSD rate of 0.9998, he receives 999.8 HUSD, not 1,000 as before. In the same way, the exchange works in the opposite direction..
Huobi will suspend the ability to deposit / withdraw stablecoins during the January 24 update. In test mode, HUSD V2.0 will run from January 25 to February 25. At this time, the exchange is ready to accept the wishes of users regarding the functioning of the updated instrument..
Recently it was revealed that Huobi plans to release its own stablecoin in the first half of the year.
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