HONG KONG, May. 7th, 2020 — Hong Kong-based crypto finance firm Amber Group announced support for HUSD as part of its initiative to offer more USD-Backed stablecoin options and services to its clients. The stablecoin initiative comes alongside a series of platform expansions following Amber Group’s announcement that it has raised $28 million in a Series A funding round. The new initiative will include more stablecoins offered to its clients on its 24/7 fiat on-and-off ramp through Amber’s OTC services, an interchangeable USD-to-stablecoin settlement for all fiats pairs, and interest deposit program enabling clients to earn up to 10 percent per annum on five major stablecoins.
Clients of Amber Group who hold HUSD or any of its offered stablecoins, including USDC, PAX, and BUSD, can now easily interchange between these stablecoins on a 1:1 basis. All stablecoins offered are backed by U.S. Dollars, held in reserve by regulated FDIC-insured banks and monthly attested by third party auditing firms. Amber is also offering a fixed income term deposited with flexible tenors from daily, 1 month, and 12 months. Clients can earn up to 10% interests without subscription or redemption fees.
Picture above shows Amber’s current list of interest deposit products. USD(s) in chart refers to USDC, PAX, BUSD, and HUSD.
Tiantian Kullander, Co-Founder at Amber Group, said: “The rise of stablecoins has been a key component to the growth of the crypto finance industry. Fiat-backed stablecoin pegged to the U.S Dollar have gained popularity, accelerating the competition amongst regulated stablecoin issuers. Given the increasing value of financial applications built on top of Ethereum, ERC20-based stablecoins are fast becoming the standard. The emerging stablecoins like HUSD, still have the opportunity to lead this market and be at the forefront.
Amber Group, a globally integrated crypto finance platform, believes that stablecoins have proven to be an effective fiat on-ramping solution for trading in the crypto markets. Their financial application extends several use cases including capital mobility, asset hedging, and yield enhancement. Amber Group will support stablecoins like HUSD through its OTC, wealth management, and financing services.
“This is an exciting announcement that goes to show just how quickly the stablecoin sector is maturing and being adopted,” Said Frank Zhang, CEO of Stable Universal. “Just this month, HUSD surpassed a marketcap of $150 Million. In turn, we are also seeing major growth in demand from both retail and institutional investors for products that offer security, transparency, and reliability, and Fintech startups like Stable Universal and Amber Group are actively meeting such demand by providing wider options for product and services offered.”
Data from CoinMetrics show significant market cap growth for major stablecoins with a 78.13% increase for a record $6.25 Billion from the top five stablecoins to date since March. The market cap of HUSD grew 80.18%, similarly, USDC grew 56.19%, USDT(erc-20) grew 55.91%,PAX grew 24.74% in past single month. HUSD Token is traded on exchanges including Huobi Global, FTX and Hotbit, as well as DEX like Tokenlon. Other than trading, HUSD can also be used to make payments in supermarkets and shopping malls in Singapore, Japan, Hong Kong and UAE through the Alchemy Pay platform.
About Amber Group
Amber Group is a diversified crypto finance firm. Our core value is building strong relationships with our clients, helping them buy and sell cryptocurrency products, earn yield, manage risk and access liquidity.
We operate around the clock and around the globe providing services for approximately 200 global institutional and HNWI clients. On an average day, we trade between $100mm to $200mm in cash, futures, swaps, options and other derivatives. We are major participants on more than 60+ electronic exchanges and alternative trading venues in about 15 countries around the world, and have traded over $100bn across all products and categories in the past 24 months.
Amber’s leadership hails from leading investment banks and technology companies such as Morgan Stanley, Goldman Sachs, Deutsche Bank and Bloomberg.
In January 2020, Amber raised $28mm from a stellar consortium of investors led by Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Fenbushi Capital, Coinbase Ventures, and Blockchain.com.
For more information, visit www.ambergroup.io
About Stable Universal
Stable Universal Limited. is a technology startup venture that offers the U.S. dollar-backed stablecoin HUSD Token (HUSD). HUSD is backed in a 1:1 ratio to the US dollar held in a U.S trust company, combining the stability of the US dollar with the efficiency of block chain technology. An independent U.S audit firm conducts monthly attestations of the HUSD Token, and the attestation report is available for public viewing on stcoins.com. HUSD has made good progress in payment applications and will continue to expand its application in other financial fields in the future.
For more information, visit www.stcoins.com