Top Crypto Exchanges Scramble to List Stablecoin Alternatives to Tether (USDT)
More recently, Huobi Global, owner of the third largest cryptocurrency exchange by trading volume, made a similar announcement, stating that PAX, TUSD, USDC and GUSD will be available on Huobi Global on October 19.
— Huobi (@HuobiGlobal) October 16, 2018
These new listings are driven by the significant drop in the value of USDT, which was driven by concerns over liquidity and withdrawal ability on the leading exchange for Tether, Bitfinex. While Bitfinex has since come out to emphasize the health of its operations, the concerns are still looming.
It is notable that these alternative aren’t nearly as liquid as USDT since Tether roughly accounts for 98% of the total daily trading volume of all stablecoins. This fact brings added considerations for both exchanges and major investors looking to swap stablecoins.
“As the above stablecoins have a relatively small circulation in the market currently and cannot support transactions of a large amount, we are hereby inviting institutional traders, acceptance dealers and OTC market makers for cooperation regarding the above stablecoins,” states Huobi in the announcement.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.