Altcoin News: Binance and Huobi Are Listing Their Own Stablecoins

July 22, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Two large cryptocurrency exchanges on Monday announced the listing of their own stablecoins.

The Binance Exchange will hold a listing of Binance GBP (BGBP) stablecoin tied to the British pound on its main exchange Binance.com and open trading in the pair BGBP / USDC on at 2019/07/23 4:00 AM (UTC).

As the exchange notes,

“BGBP is 100% backed by the same amount of GBP held by Binance in a bank account at all times.”

Last week, the BGBP was listed on the Binance Jersey crypto-fiat platform, focused on residents of the European region.

Also today, the start of trading in PAX/HUSD, TUSD/HUSD and USDC/HUSD pairs was announced by the Huobi exchange. In addition, the company launched a specialized portal through which users can purchase and redeem HUSD.

In the past, HUSD was an aggregated tool that allowed Huobi users to work simultaneously with the majority of exchange-supported stablecoins. Huobi recently announced that they will replace the HUSD with an ERC20 token that will perform the function of their own steablecoin. The custodian used for the provision of HUSD assets is the company Paxos.

Author: Marko Vidrih