Home » Huobi Global to Delist HUSD — Stablecoin Slips Below $1 Parity to $0.89 – Altcoins Bitcoin News

Huobi Global to Delist HUSD — Stablecoin Slips Below $1 Parity to $0.89 – Altcoins Bitcoin News

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On Thursday, cryptocurrency exchange Huobi Global announced that the trading platform plans to delist the stablecoin HUSD, which will begin at 08:00 (UTC) on October 28, 2022. did. It will be automatically converted to the stablecoin asset Tether, and the exchange plans to complete the full conversion by his November 4th.

Huobi Global Reveals Plans to Delist HUSD and Automatically Convert Balances to Tether, HUSD Stablecoin Falls Below $1 Peg After Announcement

Huobi is set to Exclusion The stablecoin HUSD, according to an update from the exchange published on Thursday. The trading platform detailed that it would “delist HUSD in accordance with Article 11 of the Huobi Global Token Management Rules.” The termination and delisting period will begin on Friday and during the delisting period until November 4, 2022, Huobi customers will have their HUSD automatically converted to Tether (USDT) in a 1:1 ratio. The move follows that of Tron founder Justin Sun. Huobi support And he told Bloomberg that he is “one of the largest holders” of Huobi tokens worldwide.

HUSD is the first stablecoin introduced In a blog post published by Huobi Global on October 19, 2018, it was originally built on Ethereum. ERC20 tokens are backed 1:1 with the US dollar and currently have 187,817,004 in circulation. In addition to Ethereum, HUSD is also compatible with other token standards such as HECO, TRC20, CRC20.between all chains HUSD web portal According to statistics from coingecko.com, the market valuation is around $223 million, which is $187 million.

Huobi introduced HUSD, but the stablecoin assets are issued and managed by Hong Kong-based company Stable Universal. After Thursday’s announcement, the stablecoin HUSD was unpegged from $1 parity of tokens to $0.9549 per unit at 7:09 PM ET. Thursday evening’s de-pegging event was not the first rodeo in which HUSD derailed from the $1 parity range. August 18, HUSD slid down The USD was pegged at $0.82 per token and dropped to $0.90 per unit on October 11th.

Delisting and automatic conversion of HUSD USDT Follow Binance’s move to automatically convert 3 different stablecoins into BUSD. Wazirx also chose to automatically convert client stablecoin assets into her BUSD. Additionally, the top two stablecoins by market valuation — USDT and USDC — have seen tens of billions of coins in circulation drop. Around 5:23 a.m. ET on Friday, HUSD fell again from his $1 peg to a low of $0.899 per unit.

Tags for this story

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What do you think about Huobi Global removing the stablecoin HUSD from its exchange platform? Let us know your thoughts on the matter in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.

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