XBTO and Former Tether Exec to Launch Stablecoin Clearinghouse

XBTO, a provider of institutional cryptocurrency liquidity, along with Phil Potter, a previous executive at both Bitfinex and Tether, the world’s by market cap, are together reportedly launching a platform that will act as a clearinghouse for stablecoins.
According to an article from CoinDesk, a blockchain-focused media outlet, the platform has been named Stablehouse.io and is being created to address some of the key obstacles in the that stop it from reaching critical mass – patchy liquidity, stability and accessibility.

The platform will operate similar to a traditional central clearing counterparty (CCP) and will facilitate the exchange of stablecoins at a liquid market price for a fixed minimum fee, the company said.
Initially, Stablehouse will support transactions between USDT, GUSD, PAX, TUSD, USDC and DAI, with more to be added in the future. It is not clear when the exact launch date of the platform will be.
However, the company has revealed that Stablehouse will have its headquarters in Bermuda initially, with plans to secure a digital asset business license from the Bermuda Monetary Authority.
Stablehouse led by XBTO CEO
The founder of XBTO, Philippe Bekhazi, is leading the venture. He will act as interim Chief Executive Officer (CEO) for Stablehouse until a long-term candidate is found. Sitting on the Board of the company will be Potter, as well as David Namdar, a founding partner of Galaxy Digital and SolidX Partners; and Samson Mow, chief strategy officer at Blockstream, among others.