TL;DR: Cryptocurrency exchange CoinEx announced it is listing HonestCoin (USDH), the “first regulated stablecoin project issued on Bitcoin Cash [(BCH)].” Analysts have expected stablecoins to be put into wider practice this year, and USDH follows that trend by utilizing the Simple Ledger Protocol (SLP) token format on the BCH network.
CoinEx Lists HonestCoin
“To provide a wider selection of crypto trading options for CoinEx users, we have decided, after rigorous listing reviews, to list HonestCoin (USDH) on CoinEx,” the exchange noted. Calling it a first of its kind on the BCH chain, they credit “HonestNode and Prime Trust (A USA Trust company), 1-to-1 for US dollars” for the innovation.
USDH is designated “alive” on the SLP explorer, with its genesis revealed as back in late March of this year. The stablecoin’s website confirms it is “a digital currency that is steadily exchanged with the US dollar for 1:1 and is fully regulated by the US government. With USDH, the flow of assets is safe, efficient, and low-cost, all without hindrance,” according to a rough Google translation.
CoinEx is best known as the exchange favoring BCH as its main base currency while supporting a wide array of cryptocurrencies for traders. It was founded during the boom of 2017, and has since grown to offer services in nearly 100 countries around the world. Founder Haipo Yang recently revealed in a Telegram AMA covered by CoinSpice how SLP tokens “[are] just one of the solutions of token issuing and it’s not a specific token. Fundamentally, it is no different than a ERC20 Token issued on ETH,” he explained, hinting at what was to come. When asked about the possibility of an exchange stablecoin, “We have plan to issue Stablecoin on CoinEx Chain in cooperation with our partners in the future and CET also will be used as gas on CoinEx Chain,” Yang insisted.
At least part of that plan seems to have included USDH. And HonestCoin appears to be an ambitious project, looking to “build the HonestPay mobile app and build a rich online and offline business ecosystem, making using USDH payment as easy and universal as using Alipay,” according to its website. HonestCoin has handful of well-known investors to the Chinese community, including Block VC, PreAngel, and CryptoDiva.
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.
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