Recognized Exchange Announced: This Altcoin Is Delisting!

Popular cryptocurrency exchange Huobi is delisting the HUSD stablecoin. Huobi has been closely associated with the relatively small altcoin project since its launch in 2018.

Huobi deletes this altcoin project it is in contact with from the list

Crypto exchange Huobi Global is cutting ties with the troubled asset HUSD stablecoin. Huobi, the most proficient trading center for the altcoin with a market cap of $219 million, stated in a notice to users its rules to conduct “regular reviews” on listed assets. Huobi, one of the top 10 exchanges by transaction volume that About Capital recently agreed to buy, announced that it will begin delisting HUSD at 8:00 UTC on Friday. It said midway through that it 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 reinforcements. 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 branch long dominated by USDT. Thus, he started the wave of jockeys. But the influx of newcomers has shaken that grip lately. Koindeks.com As you follow on HUSD had its own problems. In August, the stablecoin issuer closed “several accounts” due to regulatory concerns. Subsequently, the dollar briefly lost its peg and fell 8%. Today, it sagged up to $ 0.977. Ordinarily, a stablecoin needs to defend the $1 stablecoin.

HUSD daily chart / Source: CoinMarketCap

What is HUSD (HUSD)?

HUSD is a safe, secure and prestigious money-backed 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 while trading in the cryptocurrency market. The development group 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 reinforcement from regulatory authorities. Every month, a leading US checking 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 one of the following four stablecoins: PAX, TUSD, GUSD and USDC. However, it is now removed from the list of Huobi, which it carries to its name.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisment

Most Popular