August 19, 2019 – London – Huobi Wallet, a professional multi-currency wallet designed by Huobi Group, and Equilibrium, the framework behind the decentralized EOS-based stablecoin EOSDT, are pleased to announce support for the EOSDT stablecoin and NUT token. The wallet will also launch the Equilibrium DApp, providing wallet users with a simple native interface for generating EOSDT and managing their positions.
Launched in April 2019, Equilibrium is a fast-growing framework that has collateralized over 4 million EOS valued at roughly $18 million. The framework’s users have generated about 5.3 million EOSDT stablecoins since launch, earning 0.3 percent in profit on their collateral. Equilibrium is on its way to becoming the first decentralized finance app that makes staked assets productive. Many users are increasingly seeing it as a unique and powerful platform for further leveraging EOS cryptocurrency.
EOS ranks among the world’s top ten cryptocurrencies, with a market cap exceeding $4 billion and daily trading volume exceeding $1 billion. The EOS platform also supports a CPU and NET resource rental market (REX) with liquidity exceeding 100 million EOS.
Huobi Wallet Supports Tether
Huobi Wallet began supporting EOS in November 2018, including many other cryptocurrencies and a dApp developer partnership program. Huobi expanded its wallet software to support seven stablecoins in October 2018 on the rationale that it was accommodating customer demand. It now includes Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), Dai (DAI), Stasis EURS (EURS), and Tether (USDT). EOSDT is the latest addition for its increasing prominence in the stablecoin industry.
“The previous year brought lots of momentum to the stablecoin market. As new players emerged, market share tripled from 1% in 2018 to 3% in 2019. 24-hour trading volume for Tether, one of the most popular stablecoins, recently exceeded Bitcoin’s. Due to this increased demand, Huobi Wallet positioned itself as one of the first wallets to support all major stablecoins,” said Huobi Wallet CEO Will Huang. “But the main sign of market maturation is that new players are coming to the market with flexible, cutting-edge concepts. As a result, half of the current stablecoins projects on the market choose blockchain platforms beyond Ethereum. EOSDT, which is based on EOS, is a huge boon to the EOS ecosystem, so it’s the first EOS-based stablecoin supported by Huobi Wallet.”
One of the wallet’s key functionalities is the ability to swap stablecoins with a wide range of cryptocurrencies. This not only adds value to the assets but creates more room for trading operations. Changelly, a non-custodial instant cryptocurrency exchange and longstanding partner of Huobi Wallet and Equilibrium, implemented this functionality.
“Equilibrium’s EOSDT was the first EOS-based stablecoin listed on Changelly. Since its launch, we’ve seen high demand for EOSDT swaps. Now our users can seamlessly swap or buy EOSDT with our partner, Huobi Wallet,” said Changelly CEO Eric Benz.
Partners share the vision of facilitating secure, efficient management of digital assets. Huobi Wallet lets users stay in control of their private keys, while relying on security isolation and data encryption on multiple blockchains. Equilibrium believes that true decentralization is possible when the community owns the nodes and earns from EOSDT transactions, a key principle underlying the framework’s business model.
About Huobi Wallet
Huobi Wallet is a professional multi-chain light wallet. Huobi Wallet is a part of Huobi Group, the world’s largest digital asset exchange, with a global share of 50 percent. Based on the combined security expertise and technology development of the Huobi Group in the field of blockchain, Huobi Wallet guarantees the assets security of global users from multiple dimensions and provides Digital Asset Management (DAM) services that are simple, convenient, and secure.
Equilibrium is the framework for generating asset-backed EOSDT stablecoins based on the EOS blockchain. Equilibrium’s philosophy is based on decentralized governance, letting its community vote for EOS block producers, as well as propose and vote on key parameters that drive the framework. The company sees its mission as bringing stability, scalability, and enhanced liquidity to the crypto market, and opening more market opportunities for new decentralized finance businesses. With $18 million in digital assets under collateralization, EOSDT is among the fastest-growing stablecoins in the world running on the EOS mainnet today.