XBTO, a provider of institutional cryptocurrency liquidity, along with Phil Potter, a previous executive at both Bitfinex and Tether, the world’s largest stablecoin by market cap, are together reportedly launching a platform that will act as a clearinghouse for stablecoins.
According to an article from CoinDesk, a blockchain-focused media outlet, the platform has been named Stablehouse.io and is being created to address some of the key obstacles in the stablecoin market that stop it from reaching critical mass – patchy liquidity, stability, and accessibility.
The platform will operate similar to a traditional central clearing counterparty (CCP) and will facilitate the exchange of stablecoins at a liquid market price for a fixed minimum fee, the company said.
Initially, Stablehouse will support transactions between USDT, GUSD, PAX, TUSD, USDC, and DAI, with more to be added in the future. It is not clear when the exact launch date of the platform will be.
ForexTB Set to Launch New Innovative Trading PlatformGo to article >>
However, the company has revealed that Stablehouse will have its headquarters in Bermuda initially, with plans to secure a digital asset business license from the Bermuda Monetary Authority.
Stablehouse led by XBTO CEO
The founder of XBTO, Philippe Bekhazi, is leading the venture. He will act as interim Chief Executive Officer (CEO) for Stablehouse until a long-term candidate is found. Sitting on the Board of the company will be Potter, as well as David Namdar, a founding partner of Galaxy Digital and SolidX Partners; and Samson Mow, chief strategy officer at Blockstream, among others.
Commenting on the platform, Bekhazi said: “The stablecoin market at the moment is inefficient and has various disparate stablecoins, with users needing to transact several times with different parties to exchange one stablecoin for another. Stablehouse will address this by serving as a centralized platform that gives issuers, holders and exchanges certainty over access.”
The ultimate aim of the partners is to provide the infrastructure that will help lead to the mass adoption of stablecoins and cryptocurrencies.