Another big cryptocurrency exchange is offering four other dollar-backed stablecoins to investors as an alternative to tether (USD).

Huobi, the fifth-largest crypto exchange by trading volume, will start accepting deposits Friday of TrustToken’s TrueUSD (TUSD), Circle’s USDCoin (USDC), the Gemini Dollar (GUSD) from the Winklevoss-founded New York exchange and Paxos Standard Token (PAX).

These are the same four coins OKEx, the second-largest exchange, said it would be accepting for trade a day ago.

Huobi said in a statement the four stablecoins are already available on Huobi Wallet, while the launch time and other details are set to be announced later. Huobi will also release detailed plans for over-the-counter trading of the stablecoins on Huobi OTC “soon.”

Stablecoins are designed to hold a constant value against the dollar.

Why these alternatives? To keep traders trading stablecoins on their exchanges without touching tether, which has gotten a lot of bad press lately. At least one crypto exchange, Digifinex, the 16th largest, has dropped tether altogether, replacing it with TUSD.

Binance, the world’s largest crypto exchange, is the largest holder of USDT tokens, with more than 768.5 million in its reserves. It briefly halted trading in tether twice Monday because of “network congestion.” The congestion may or may not have been caused by anxious investors who heard Binance was going to delist tether.

The CEO turned to Twitter to debunk those rumors, saying they were prompted by “a single photoshopped fake announcement.”

ThirtyK Staff
If you would like to contact the ThirtyK News Brief team, please email us at contact@thirtyk.com.