Developments in cryptocurrency regulations around the world have been forecasted to impact Stablecoins. We have some exciting updates on 7 August 2020 that will allow us to continue supporting Stablecoins on our platform!
***This update is only available for Coinhako Singapore users.
What’s new with this?
1. USD Stablecoin deposits will be converted and credited as US Dollars
Any supported USD Stablecoins received (or deposited) by a Coinhako Stablecoin Wallet address, will be automatically converted to fiat USD; This amount will be converted at real-time market rates and credited as US Dollars (USD) to your Coinhako USD wallet.
2. Users will receive fiat USD after a ‘Receive’ or deposit transaction of the Stablecoin is successful
The Stablecoin amount that is successfully received by a Coinhako address, will be credited as US Dollars (USD) to the Coinhako USD wallet – this USD wallet will now be available for all Coinhako Singapore users who have completed their account verification (or KYC)
3. Withdraw US Dollars from Coinhako, as any USD Stablecoin that is supported on Coinhako.
Users that wish to make a USD withdrawal will have the option to send the outgoing funds as a USD Stablecoin of their choice. This is done by sending the USD to an external Stablecoin address, which Coinhako will convert to the respective Stablecoin at real-time market rates.
4. Users will receive the respective Stablecoin amount after a ‘Send’ or withdrawal of the Stablecoin is successful
Once the Stablecoin transaction has been confirmed on the blockchain, the amount will be reflected on the Stablecoin address amount that the funds were sent to. An email will be sent to users to confirm that the transaction is successful.
What happens to Stablecoins that remain in Coinhako accounts after 7 August 2020 Month Year ?
Stablecoins that remain in your Coinhako account after 7 August 2020 will be automatically converted to USD at a special one time 1:1 rate; This only applies to this initial conversion, and would mean that you’ll receive get 1 USD for every 1 USD Stablecoin (USDT or USDC).
If you do not wish to be affected by this update, you can ‘Swap’ or ‘Send’ any Stablecoin balances before the stated date.
🤔Will Coinhako Support USD Trading?
Yes! After much anticipation, USD trading will be introduced as a NEW FEATURE on Coinhako following these changes to Stablecoin support.
This will enhance the trading experience forCoinhako users, and widen the variety of tradeable cryptocurrency pairs for our users..
Apart from this, our support for other tokens remain unchanged, and you should not expect any disruptions to your trading experience.
Official Announcement to come very soon! Stay tuned for more
Thank you for trading with Coinhako.
*The information presented in this article does not constitute investment advice and is purely for educational and/or informational purposes.
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