On Thursday, cryptocurrency exchange Huobi Global announced that the trading platform plans to delist stablecoin HUSD and delisting will begin at 08:00 (UTC) on October 28, 2022. In addition, users with HUSD held on the exchange will see their balances automatically converted to stablecoin asset Tether and the exchange is expected to complete the full conversion by November 4.
Huobi Global unveils plans to convert HUSD and auto-convert balances to Tether after announcement, HUSD stablecoin falls below $1 peg
Huobi is set withdraw Stablecoin HUSD, according to an update from the exchange published on Thursday. The trading platform elaborated that it is “deleting HUSD in compliance with Article 11 of the Huobi Global Token Management Rules.” The termination and delisting period will begin on Friday and between the delisting period until November 4, 2022, Huobi customers will see their HUSD auto-converted into Tether (USDT) in the ratio of 1:1. The move follows Tron founder Justin Sun’s Huobi’s support And telling Bloomberg that he is “one of the largest holders” of Huobi tokens worldwide.
HUSD is a stablecoin first introduced In a blog post published by Huobi Global on October 19, 2018, it was originally built on top of Ethereum. The ERC20 token is 1:1 backed with the US Dollar and 187,817,004 are floating around in the wild today. In addition to Ethereum, HUSD is also compatible with other token standards such as HECO, TRC20, and CRC20. among all the chains HUSD Web Portal says it has a market valuation of around $223 million, while coingecko.com figures show $187 million.
While Huobi introduced the HUSD, the stablecoin asset is issued and managed by Hong Kong-based firm Stable Universal. Following the announcement on Thursday, the stablecoin HUSD token declined from $1 parity to $0.9549 per unit at 7:09 PM (ET). Thursday evening’s dipping event was not the first rodeo for HUSD to break away from the $1 parity range. On August 18, HUSD fell below the USD peg to $0.82 per token and on October 11, the coin dropped to $0.90 per unit.
To delist HUSD and do auto-conversion USDT Follow the steps on Binance to auto-convert three different stable coins to BUSD. Wazirx also opted to automatically convert its clients’ stablecoin assets to BUSD. Furthermore, the top two stablecoins based on market valuation are – USDT And the USDC – has seen its coins drop by tens of billions in circulation. Around 5:23 am (ET) on Friday morning, HUSD again fell from the $1 peg to as low as $0.899 per unit.
What do you think about the removal of stablecoin HUSD from Huobi Global’s exchange platform? Let us know what you think about this topic in the comment section below.
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