On June 12, the cryptocurrency exchange Coinex announced the listing of a new Simple Ledger Protocol (SLP) token called honestcoin (USDH). The Honestcoin.io website details that the new token is a fully regulated stablecoin issued on the Bitcoin Cash network backed 1-to-1 for U.S. dollars.
Coinex Lists the USD-Backed Stablecoin USDH
The digital currency trading platform Coinex, an exchange well known for offering a wide range of BCH paired markets, has announced the listing of a new stablecoin backed by USD called honestcoin (USDH). The USDH news was actually leaked on June 11 when someone posted the website address to the forum r/btc, but at the time no one understood what the website meant. The person who leaked the information stated that the “official news comes later, this stablecoin has been discussed for one year in the Chinese community — It is regulated by the U.S. government.”
The official news came when Coinex divulged information about the USDH listing 12 hours later on Twitter. The tweet then led to a blog announcement which explained that the trading platform’s executives had decided to list 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 blog post notes. The Coinex blog continued:
Honestcoin (USDH) is the first regulated Stablecoin project issued on Bitcoin Cash by Honestnode and Prime Trust (A USA Trust company), 1-to-1 for US dollars.
Following the listing announcement, Coinex founder Haipo Yang declared that he was “excited” to see the first SLP token listed on the exchange. USDH can easily be viewed on the SLP transaction explorer Simpleledger.info and currently there are 11,030 USDH in circulation and the minting baton status is alive. SLP tokens like USDH can be designed with a minting baton which means that the baton owner can issue more USDH.
Honestcoin is trading live on Coinex for $1 at the time of writing as it’s paired with the Omni Layer issued stablecoin tether (USDT). The Honestcoin.io website shows that individuals and institutions can sign up to buy and redeem USDH. “For the freedom of money,” the token’s website slogan declares and mentions that honestcoin is a “fully regulated stablecoin that can be bought, sold, invested in or spent as freely as you wish.”
Signing up for the website’s services at first takes an email and password to log in to the dashboard. The signup process itself is far more complex and asks for personal identification information and photos. The website states that in the future users will be able to collect payments with honestcoin and the site shows a preview of a payment invoice with QR code. After the KYC verification process is complete, users can access the buy and sell options available on the Honestcoin.io website. Account registration is required to utilize the site’s services but people can also buy and sell USDH using Coinex.
The launch of the new honestcoin token using the Simple Ledger Protocol means that users can store USDH on wallets like Badger, Ifwallet, Electron Cash, and other SLP supporting wallets. The coin’s website also hints at a smartphone application called Honestpay and another application that will allow users to invest with USDH. The website shows that the project is backed by the funding firms Preangel, Cryptodiva, Block VC, Ciming Checkup, and Manzi Fund.