Phil Potter, a former executive at both Bitfinex and Tether, is joining a new stablecoin clearinghouse project called stablehouse.io.
The new clearinghouse aims to address liquidity, stability, and accessibility in the stablecoin market, issues they believe are currently preventing the stablecoin industry from reaching its critical mass. They will look to do this through an API-enabled, centralised platform.
Stablehouse.io will launch with support for transactions involving GUSD, DAI, PAX, USDC, and USDT, with more options to be made available in the near future. The venture is being spearheaded by Philippe Bekhazi, the founder of XBTO. He will act as interim CEO for the time being until a full-time CEO is found.
An all-star advisory board
As well as Phil Potter, the stablehouse.io project’s advisory board includes David Namdar (a founding partner of Galaxy Digital and SolidX) and Samson Mow (Blockstream’s current chief strategy officer).
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.”
Based in Bermuda
For the time being, the company will be headquartered in Bermuda. From there, it is expected to look for a digital asset business license from the Bermuda Monetary Authority.
The stablehouse.io project team believes that there is a significant void that they can fill for stablecoin brokerage services in the cryptocurrency ecosystem.
They concluded their project announcement by saying that “building out a solid stablecoin infrastructure will enable cryptocurrency markets to mature in terms of liquidity and stability.”