Another $1.3 Million HUSD Minted By Huobi Exchange
Competition in the stablecoin market is increasing day by day with exchanges like Huobi getting involved by ramping up HUSD issuance.
Huobi Continually Trying To Take Over The Stablecoin Market
There’s no doubt that exchanges issued Stablecoins are taking over the market with great speed. The Stablecoin issued by Industry’s largest exchange, Binance has seen its supply increase in 2020. The exchange minted 5,000,000 BUSD at the start of the month with the help of PAX Treasury and then recently it issued another $10M BUSD to calm the markets.
Although Huobi USD is yet not that famous, a slight increase has been seen in its activities in 2020. The $5M HUSD mint seen earlier in this month has shocked many. Exchanges are stepping further by ramping up the presence of their stablecoin given the exceptionally well performance of their coins.
Huobi has minted another 1,300,000 HUSD today which will enter the market soon, reported Whale Alert (@whale_alert). It is clear that Houbi is continuously trying to jump into the stablecoin race, although it is still not enough for the coin to move the market yet.
Tether Leading The Crypto Market With $70 Billion Market Cap
Despite the effects of BUSD, USDC and HUSD, Tether (USDT) has maintained its position so far as the leading stablecoin. Backed by Bitfinex, Tether has a trading volume fo $70 billion which is consistently boasting higher as compared to all Bitcoin trading pairs.
As the emerging projects like BUSD and HUSD are continually trying to unseat Tether from its top position, it looks like there would be a stablecoin war in the crypto market soon. But for now, even if the market cap of non-Tether stablecoins would be combined, it won’t compare to the Tether which is the clear winner of the race.