You've probably read on my posts quite a few times about the STEEM listing on Huobi Pro and about the potential implications of this for the STEEM price. Yes, I posted a bit more often about that than usual and there is a reason for this - one that was often overlooked when people read about the news. This listing is not your regular, "yet-another-exchange-adding-the-STEEM-wallet" thing.
For this first time (at least to my knowledge), STEEM is traded against USDT, and not only BTC or ETH.
This is going to have major implications on STEEM price. For the first time, you can exchange it directly to a currency which is not as volatile as Bitcoin or Ethereum, but pegged to USD. It's not USD directly, and Tether has its fair share of proponents opponents, but it's a big step forward.
Of course, we all want to be able to just transfer our STEEM directly to our debit cards, if possible, or just use it as it is, on all kind of places where it's (or it will be) accepted. Well, patience, my friends, that time will come, but we need just a little more patience. For now, let's enjoy the fact that it's traded against USDT.
First Hours Of STEEM On Huobi Pro
Below are a few numbers that I consider relevant to this news, pertaining to the last 10 hours, since STEEM is available to trade on Huobi Pro.
| Pair | Volume In STEEM | Volume In Fiat |
|---|---|---|
| STEEM/USDT | 1,541,695 | 6,615,660 USD |
| STEEM/BTC | 901,568 | 3,867,726 USD |
| STEEM/ETH | 103,724 | 444,975 USD |
A few conclusions:
- total volume in USDT is higher than BTC + ETH together, showing a huge appetite for this pair
- after 10 hours, the price is not significantly lower than when it started, ruling out a potential "pump and dump" approach
- the highest value was $5.2, which is a nice point to look at, for the near future
- transferring STEEM to Huobi Pro is very straightforward, they use the account
and the memo is named "tag" and consists only of 6 digits
If you didn't join Huobi Pro already, you can do it by clicking here (full disclosure, this is an affiliate link).
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me 
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