Huobi Starts Supporting USDT Stablecoins In ERC-20 Format
A trading platform Huobi added support for Ethereum-based USDT tokens, making it possible to deposit and withdraw them.
As reported on the official company’s website, users are now offered two types of USDT stablecoins. The first one, USDT-Omni, has initially been on the platform and is based on the Bitcoin blockchain. Tokens of the second type, USDT-ERC20, are created on the basis of Ethereum and use its blockchain to conduct transactions.
After the announcement of this news, Tether (USDT) trading volumes have almost doubled, according to statistics from CoinMarketCap. While on February 22 the average market figure was $6.5 million per day, on Monday, February 25, the trading volume rose to $11.5 million.
In addition, the exchange announced its giveaway of 100 million BitTorrent tokens (BTT) in order to popularize trading with them. To do this, the company will select several dozen of verified users who will receive tokens for depositing, regular trading, and margin trading.
Along with this, Huobi temporarily stopped supporting deposit and withdrawal of the cryptocurrency Cardano (ADA) due to work on the wallet update.
To date, Huobi is ranked fifth by trading volume in the CoinMarketCap rating, with operations worth more than $940 million held on it per day.
Previously, the Huobi subsidiary in the United States, HBUS, began to support the input and output of fiat funds. Also, the crypto platform will provide the opportunity to trade bitcoin, ether, and Tether paired with the US dollar.