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HomeTechnologyHuobi Delists The HUSD Stablecoin From Its Platform

Huobi Delists The HUSD Stablecoin From Its Platform

In a statement released on Thursday, cryptocurrency exchange Huobi Global said it is cutting its links with its closely related stablecoin, known as HUSD, which has been experiencing issues.

Huobi, the leading trading platform for stablecoin with a market capitalization of $219 million, sent out a letter to its customers in which it highlighted its guidelines for undertaking “regular inspection” on listed assets. Huobi, a cryptocurrency exchange that ranks among the top 10 in terms of trading volume and recently reached an agreement with About Capital to be acquired by the latter, announced that it will start delisting HUSD at 8:00 UTC on Friday and will start converting assets to USDT on a 1:1 basis in the interim. Huobi is one of the top 10 exchanges in terms of trading volume. 

Huobi introduced HUSD in 2018 as a “stablecoin solution” that accepted other dollar-pegged tokens as backing. HUSD is a very modest stablecoin that has been in circulation since 2018. Although it was issued by Stable Universal, Huobi actively promoted it as a token that was “unique” to its own exchange when it began. Stable Universal was the entity that produced it.

The move is part of a larger trend of consolidations and jockeying for position in the $140 billion stablecoin subsector of the cryptocurrency market, which has been led for a long time by USDT. But lately, there has been a surge of newcomers, which has loosened that hold. 

The HUSD has had its own set of challenges. In August, the stablecoin’s value dropped by 8%, and for a short time, it was no longer tied to the dollar because the company that made it closed “many accounts” because they were worried about following regulations.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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