Popular cryptocurrency exchange Huobi is delisting the HUSD stablecoin. Huobi has been closely linked to the relatively small altcoin project since its launch in 2018.
Huobi is deleting this altcoin project it is linked to from the list
Crypto exchange Huobi Global is cutting ties with the troubled asset HUSD stablecoin. Huobi, the top trading hub for the $219 million market cap altcoin, stated in a notice to users its rules to conduct “regular review” on listed assets. Huobi, one of the top 10 exchanges by trading volume, which About Capital recently agreed to buy, announced that it will begin delisting HUSD at 8:00 UTC on Friday. Meanwhile, he said he will start converting HUSD holdings to USDT on a 1:1 basis.
HUSD is a relatively small stablecoin that Huobi launched in 2018 as a ‘stablecoin solution’ that accepts other dollar-pegged tokens as support. The Altcoin project, Stable Universal, has been launched. However, when it entered the market, Huobi heavily marketed it as a ‘exclusive’ token for its own exchange.
The move marks a consolidation in the $140 billion stablecoin industry, long dominated by USDT. Thus, he started the wave of jockeys. But the influx of newcomers has shaken that grip lately. As you follow on Kriptokoin.com, HUSD had its own problems. In August, the stablecoin issuer closed “several accounts” due to regulatory concerns. After that, the dollar briefly lost the peg and fell 8%. Today, it sagged up to $ 0.977. Normally a stablecoin needs to maintain the $1 stablecoin.
HUSD daily chart / Source: CoinMarketCapWhat is HUSD (HUSD)?
HUSD is a secure, reliable and fiat-secured stablecoin. It combines the stability of the US dollar and the efficiency of Blockchain technology. Additionally, it provides holders with a tool to reduce volatility when trading in the cryptocurrency market. The development team focused on security, liquidity and convenience when designing the project.
The developers announced the HUSD project in 2019. Later, Stable Universal released HUSD in compliance with all necessary US regulatory requirements. HUSD is an ERC-20 token on the Ethereum Blockchain. The token is backed 1:1 by US dollars held in US bank accounts. The HUSD token is held in reserve by the Paxos Trust Company. This measure is necessary to secure oversight and support from regulatory authorities. Every month, a leading US audit firm runs tests to ensure USD reserves match HUSD supplies.
The HUSD token (named a combination of Huobi and USD) was listed on the Huobi Global exchange platform. It is possible to convert to any of the following four stablecoins: PAX, TUSD, GUSD and USDC. However, it is now off the list of the Huobi it carries in its name.
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