The HUSD stablecoin slid from $ 1 due to the problems caused and is trading at $ 0.92.
The HUSD stablecoin, issued by Stable Universal, fell 8 percent from its planned fixed price of $1 to $0.92, according to CoinMarketCap prices. HUSD was launched by Stable Universal and worked on a 1:1 basis against the dollar, according to the company’s website.
HUSD Drops To $0.92 After Depeg
HUSD, which is pegged one-to-one against the USDC stablecoin on the DeFi protocol Curve Finance, is currently trading as low as $0.89. The so-called depeg (removal of the one-to-one index) comes 16 days after crypto exchange FTX removed HUSD from the basket of support USD stablecoins.
Stablecoins are coins that aim to index a crypto asset to a value. For example, Tether (USDT) is one of the stablecoins indexed to the dollar. An example of one of these is the HUSD issued by Stable Universal, which is indexed to USDC in Curve Finance. After losing $18.71 billion from the collapse of the Terra (LUNA) system, the stablecoin industry is facing pressure from regulators.
A year ago, HUSD published a reserve breakdown showing that every token issued is backed by US dollars held in cash in money market accounts. At the time of publication, HUSD had a market cap of $149.5 million.
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