What is Husd? Husd is a stablecoin project that allows Crypto investors to use the US dollar without leaving the market. Koindeks.com In this article, we have answered the questions that investors wonder about what is Husd, what it offers, what is HUSD coin, what is it for, how to buy it. Let’s examine together this stablecoin project that brought the US dollar to the crypto market.
What is Husd?
Husd is a fiat-backed stablecoin. This stablecoin ensures the stability of the US dollar while using Blockchain technology. Accordingly, the cryptocurrency follows the value of the US dollar at a ratio of 1:1. This combines the benefits of trading with Blockchain-based assets with price stability. HUSD is built on the Ethereum Blockchain network and is in the middle of the ERC-20 tokens. ERC-20 is a smart contract used on the Ethereum network to create exchangeable tokens.
Husd combines the efficiency of Blockchain technology with the stability of the US dollar. Thus, it provides a number of advantages to the users. Every HUSD coin in the market is backed by USD, which is stored in Paxos bank accounts in the United States. Accordingly, 1 USD is added to the accounts in Paxos bank for each HUSD coin in the market. This ensures that the price of the cryptocurrency is fixed to the US dollar.
What does the HUSD coin do?
The HUSD coin, like many other stablecoins, is designed to provide price stability against Bitcoin. Originally built on the Ethereum Blockchain with the ERC-20 smart contract, this cryptocurrency has spread to many Blockchain networks in the future. It currently serves its users as a multi-chain stablecoin. Apart from Ethereum, other networks that include Husd include TRON, Heco, and Cube. These networks are available with HUSD, TRC-20, HECO and CRC-20 contracts.
Due to its multi-chain structure, stablecoin can be easily converted into cash. It also provides a tool for them to reduce volatility while participating in the cryptocurrency market. Stablecoins make it possible to invest in fiat currencies such as US dollars without leaving the cryptocurrency market. At this point, HUSD coin aims to attract investors with its price stability. The cryptocurrency market is extremely volatile. Investors turn to stablecoins, especially in times of increased volatility and falling prices, such as the bear market.
How to buy HUSD coin?
HUSD coin is currently trading on Gate.io, MDEX, MakiSwap and JSwap exchanges. Interested investors must first access one of these exchanges and follow the steps to become a member. Users who become members must verify their membership. After that, investors must deposit money into their accounts through the wallet section. After performing these processes, users can buy HUSD by depositing currencies such as Ethereum or dollars to their accounts.