Singapore based cryptocurrency exchange, Huobi Global, announced this Friday that it has launched trading in HUSD, a USD-backed stablecoin, in order to meet the trading demand for its users.
In particular, Huobi announced that at 11:00 Singapore time this Friday, 25th September 2020, the exchange launched spot trading on two trading pairs: VET/HUSD and BTM/HUSD.
HUSD is a stablecoin issued by Stable Universal and pegged 1:1 to the U.S. dollar. The currency was launched in July 2019. Since then, a number of applications in cryptocurrency trading, digital payments and DeFi have supported the stablecoin.
Derivatives Trading Spikes on Huobi
Huobi has been actively expanding its offering across its range of platforms. As Finance Magnates reported, Huobi Futures launched Bitcoin Options trading, which went live on 1st September at 10:00 UTC.
Specifically, ‘call options’ offer the buyer of the options the right to purchase the underlying asset at a specified price on a specified date, while ‘put options’ give the buyer the right to sell at a specified price and date.
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During this time, Ciara Sun, vice president of Global Business at Huobi Group, highlighted in a company statement that Huobi had also seen a surge in derivatives trading volume across the board amid COVID-19.
“In the aggregate, growth in crypto derivatives trading volume is now outpacing that of spot trading,” Huobi said at the end of August.
Trading Providers Aim to Capture Heightened Trading Activity
In an increasingly competitive trading environment, which has received a real boost amid the coronavirus pandemic, more brokerages and trading providers have rapidly expanded their trading offering.
As we previously analysed, multi-asset trading providers appeared to best capitalise on the heightened trading activity amid heightened levels of volatility.
Not only this, but trading providers are trying to increasingly capture the millennial market by launching commission-free trading of stocks and other assets, as well as providing options to make smaller investments, such as fractional shares.