XBTO launches Stablehouse, the clearing house for stablecoins
Crypto

XBTO launches Stablehouse, the clearing house for stablecoins

By Marco Cavicchioli - 5 Feb 2019

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XBTO has presented Stablehouse today, a clearing house for stablecoins. Stablehouse works on the basis of the classic clearing house model and allows users to trade stablecoins efficiently, securely, at market price, and for a fixed fee.

Stablehouse is an initiative supported by XBTO and Phil Potter, former Chief Strategy Officer of Bitfinex and Tether. XBTO’s founder Philippe Bekhazi will be the interim CEO, while the advisory board also includes industry veterans David Namdar, founding partner of Galaxy Digital, and Samson Mow, Blockstream’s Chief Strategy Officer.

The platform will be centralised, API-enabled, and will facilitate the efficient exchange of stablecoins including Tether dollar (USDT), Gemini dollar (GUSD), Paxos (PAX), TrueUSD (TUSD), USD Circle (USDC) and DAI. More currencies will be added in the future.

The aim is to provide the infrastructure for stablecoins in order to reach mass adoption, addressing key issues such as liquidity, stability and accessibility.

In fact, the founding team believes that there is a gap in the crypto ecosystem: the construction of this infrastructure for stablecoins should allow crypto markets to mature in terms of liquidity and stability.

The platform is currently under development, and once it is online it will act as a central clearing counterparty (“CCP”), allowing users and exchanges to trade stablecoins securely.

The head office will be located in Bermuda and therefore the regulations of the Monetary Authority of Bermuda, the so-called Bermuda Digital Asset Business Act, will apply.

CEO Philippe 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 and liquidity, creating enhanced confidence for investors, developers and merchants. We believe that 2019 will be a pivotal year for the stablecoin market and, in turn, the entire digital asset market, and Stablehouse will be a critical part of the infrastructure that brings continued innovation to the market”.

David Burt, Premier of Bermuda, commented:

“We are happy to see that Stablehouse has chosen Bermuda as its main place of business. We look forward to Stablehouse becoming a full participant in the Bermuda ecosystem upon the granting of regulatory approval by the Bermuda Monetary Authority”.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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