A potential bespoke stablecoin launch would come as part of Huobi’s expansion plans for the year, presented at a members-only event in Singapore this week.
Top 5 Cryptocurrency exchange Huobi has plans to launch its own stablecoin this year as part of its 2019 road map, according to a press release shared with Cointelegraph Jan. 22.
During a presentation in Singapore today, Huobi’s CFO said the company will also update its trading platform and continue its international expansion.
“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,” CFO Chris Lee told the audience at the members-only event. Reportedly after his speech, Lee added:
“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.”
Like many other major exchanges, Huobi has already adopted a hands-on approach to stablecoins, which are cryptocurrency tokens pegged to a stable value either by an underlying fiat currency, or algorithmically.
In October alone, the platform revealed support for four USD-backed stablecoin assets, plus launched its own “stablecoin solution” that aggregates all four.
Despite reports of staff layoffs at the start of December meanwhile, Huobi says it will continue pushing into new markets, such as the newly reopened Huobi Japan platform.
Huobi Global is currently ranked the sixth largest cryptocurrency exchange by adjusted daily trade volumes, according to CoinMarketCap.