Stable Universal Limited, a U.S.-based crypto startup venture today announced it will launch a new U.S. dollar-backed stablecoin, HUSD Token. To ensure full backing of every HUSD Token and regulatory oversight, the dollars backing HUSD Token will be held in reserve by Paxos Trust Company, a fiduciary and qualified custodian regulated by the New York State Department of Financial Services (NYDFS).
HUSD Token will first be listed by Huobi Global, the world’s leading digital asset trading platform. In the coming days, Huobi will transition from its current HUSD system (a solution that allows multiple stablecoin denominations to trade as one) to the new HUSD Token issued by Stable Universal. HUSD Token, designed as an ERC-20 token, will also be available to be listed on other exchanges, wallets and cryptocurrency platforms.
Frank Zhang, CEO of Stable Universal, said, “In today’s cryptocurrency markets, traders always need access to a safe, trustworthy stablecoin that is fully redeemable and limits risk exposure. HUSD Token is reliable and designed to be efficient and simple – we believe it’s the best fiat on-ramp and will be a game-changer in the space. We’re excited that Huobi will list HUSD Token, allowing us to build liquidity quickly with their massive customer base. Combined with the sterling reputation of Paxos, we are offering a product with the highest level of oversight and protection.”
In addition to trading HUSD Token on Huobi Global, users can also get HUSD Token 1:1 for USD through Stable Universal by opening an account on www.stcoins.com. Paxos will manage all “Know Your Customer” and anti-money laundering compliance reviews for these account openings, in addition to holding the USD deposits in reserve. On a monthly basis, a top U.S. auditing firm will perform an attestation to ensure USD reserves match the supply of HUSD Token. Stable Universal will work with third parties for smart contract audit and on-chain transaction monitoring.
Richmond Teo, Paxos Co-Founder and CEO of Paxos Asia, commented, “Paxos maintains a unique position in the crypto-asset space because of our regulatory stack and deep commitment to protecting customer assets. Trust underpins all aspects of our own products, and we are proud to now offer trust-as-a-service to power HUSD, a new stablecoin for use on Huobi Global. This is a new model that allows other innovators to create safe, trusted and fully-backed solutions that support wider crypto-market adoption for cash and assets using our unique regulated status. This is just the beginning of what Paxos can offer as we build the future of digital assets.”
Livio Weng, CEO of Huobi Global, commented, “Providing better options to our users has always been one of our biggest priorities at Huobi. We are proud to partner with Paxos and Stable Universal on this pioneering project and look forward to bringing the new HUSD Token to more than ten million users. It is truly exciting to see the HUSD project grow from a stablecoin solution to a stablecoin in its own right.”