Top 5 cryptocurrency market Huobi has plans to establish its own stablecoin this year as part of its 2019 road map, according to a press release shared with Cointelegraph Jan. 22.
During a demonstration in Singapore today, Huobi's CFO said that the company will also upgrade its own trading platform and continue its international expansion.
"2018 brought us enormous challenges but I'm personally optimistic about the crypto market. I really do think we'll see things get better this year," CFO Chris Lee told the audience at the event. Reportedly after his address, Lee added:
"This year will probably be huge for stablecoins and we will be part of that. Probably Huobi Group will launch its own stablecoin at 2019 at the first half of this year."
Like several other major exchanges, Huobi has adopted a hands-on strategy to stablecoins, that can be cryptocurrency tokens pegged into a steady price either by an underlying fiat currency, or algorithmically.
In October alone, the platform revealed support for four USD-backed stablecoin assets, plus established its own"stablecoin alternative" that aggregates most four.
Even with reports of personnel layoffs at the start of December meanwhile, Huobi states it's going to continue pushing into new niches, like the recently surfaced Huobi Japan platform.
Huobi Global is now ranked the fifth largest cryptocurrency exchange by corrected daily transaction volumes, based on CoinMarketCap.