Huobi's US Exchange Sees 30% Boost in Trading for Tether Alternative

oliverchloe
2022-10-27 06:06:27

A U.S. cryptocurrency exchange is reporting a significant increase in trades between tether (USDT), the controversial stablecoin that lost its dollar peg this week, and a newer alternative called TrueUSD.

At HBUS, the U.S. affiliate of the Singapore-based Huobi exchange, both deposits and withdrawals of USDT "have increased by over 10x over the last two days," a company spokesperson told CoinDesk.

And the investors making deposits appear to be set on swapping it for TrueUSD (TUSD), which TrustToken launched earlier this year. While HBUS is a small exchange, ranking only 129th by adjusted total volume according to CoinMarketCap, it appears to be one of the very few in the world where investors can trade TUSD for bitcoin (Bittrex being another rare example).

"With the recent news around [tether], we've had a lot of activity in the past 24 hours," the spokesperson said, explaining:

"For deposits, users are transferring their USDT into HBUS from other exchanges to take advantage of our USDT/TUSD trading pair. There has been over a 30 [percent] increase in trading on the TUSD/USDT pair over the last two days."

While USDT maintained its peg through the first few weeks of October, it fell to an all-time low of roughly $0.87 on Monday, taking nearly a day to recover. At press time the token was still trading at only $0.97, while alternate stablecoins maintained a premium of more than $1.

The Gemini dollar (GUSD) in particular saw its price spike over Monday and Tuesday, reaching an all-time high of $1.19. By press time, this token had also recovered its peg, trading at $1.01 at press time.

The phenomenon is also observable at HBUS, where it cost 0.95 USDT to buy one TUSD on Wednesday afternoon.

"The premium is still there, which is not something I've seen before," the spokesperson said.

AndreasMAntonopoulos
2022-10-27 06:07:07

Trust. Safety. Efficiency.
A track record of success is hard to find in this rapidly evolving cryptocurrency industry, and we are proud of our reputation for an easy, hands-on consultative approach with each new client. Work with our team of professional BlueOcean.CC Cryptocurrency Advisorst to handle all your retail and large block transactions with safety and security. Our role is to make sure you are educated and prepared to make the most of your crypto investment. Simply put, we offer the easiest, most efficient and legal way to enter the cryptocurrency market.
Private Client
Our BlueOcean.CC Crypto Advisors are here to help you with crypto investments and transactions. With experience trading all top cryptocurrencies, our team will ensure your purchase is quick and efficient while maintaining security and safety.
Institutional Transactions
Our dedicated BlueOcean.CC team is here to ensure the process of on-boarding, crypto investing and transacting is seamless and efficient.


BlueOcean.CC is a cryptocurrency portfolio advisor that specialises in cryptocurrency investment. We actively manage a diversified crypto portfolio, consisting of more than fifty different types of these digital currencies. There is a great variety of cryptocurrencies, each developed for different purposes, based on different fundamentals. BlueOcean.CC thoroughly analyses those fundamentals and invests in cryptocurrencies that have a promising value proposition, providing utility to its users.

Growth
Innovative developments are moving extremely fast and are constantly gaining more traction. We expect market adoption of blockchain and cryptocurrencies to continue to increase over the coming years.
Liquidity
Contrary to many asset classes, cryptocurrencies can be traded at any moment in time. The market never closes. This high degree of liquidity makes an investment in cryptocurrency highly flexible
Protection
During times of economic crisis and uncertainty cryptocurrencies tend to thrive. As an independent store of value cryptocurrencies can act as a good hedge against fiat currency devaluation.
Diversification
Diversification spreads risk and reduces volatility. Cryptocurrencies are non-correlated with traditional asset classes, providing diversification and optimising the risk reward ratio of any investment portfolio.