Former Bitfinex and Tether executive, Phil Potter, has recently decided to join Stablehouse.io, a new venture created by XBTO International. They’ve announced today the launch of a first-of-its-kind clearinghouse for stable coins that shall help promote the next phase of the market’s development.
The main goal for this new initiative is to improve the stability, liquidity and the accessibility of the most important stablecoins which are currently being sold in the market. This will allow stablecoins to reach users in a much more mainstream fashion, as the main objective of the company is to help this specific type of cryptocurrency gain mass adoption.
According to the press release, Stablehouse will have GUSD, PAX, USDT, DAI, USDC, and TUSD, and will act as traditional clearing counter party, as well as follow the current rules for this industry.
As someone who has experience in this field, Potter joining them is an incredibly valuable asset for the company, due to his experience with Tether, the first high-profile stablecoin in the market and remains as the largest market cap.
According to Bekhazi, the market is currently inefficient and isn’t liquid enough. In order to utilize one stablecoin to gain another one, people often have to conduct several transactions, which can be a hassle for investors. The idea is to address these issues and create a centralized platform that will allow easy access to its users for the kind of liquidity they may need.
Currently, the stablehouse is planning to set themselves up in Bermuda, mostly due to the positive legislation. Although, the company is still waiting to receive their business license from the Bermuda Monetary Authority. For now, it’s quite unclear on whether stablehouse will be able to launch themselves officially.