Home » Stablecoin HUSD Continues to Trade Below $1 Parity as Token Taps an All-Time Low at $0.72 – Bitcoin News

Stablecoin HUSD Continues to Trade Below $1 Parity as Token Taps an All-Time Low at $0.72 – Bitcoin News

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After Huobi Global announced that it would delist its stablecoin HUSD and automatically convert customer balances to Tether tokens 1:1, the value of stablecoin assets plummeted to a low of $0.72 per unit. Did.

HUSD Remains Below the $1 Peg

Another stablecoin struggles to maintain parity with the US dollar. HUSD It fell from the $1 peg to $0.746 per unit on October 30, 2022. At the time of writing, the stablecoin token is trading at $0.765 per unit, with a global trading volume of just $59,790 in the last 24 hours.

2 days ago, Bitcoin.com News report Huobi Global has announced that it will delist HUSD, a stablecoin asset issued by Stable Universal.Huobi and stablecoins shared the same name, but Huobi introduced On October 19, 2018, HUSD disassociated from the stablecoin token this year.

HUSD was unpegged earlier this year, dropping to $0.82 per HUSD on August 18th. HUSD fell below $1 parity on Oct. 11 and he again on Oct. 28. HUSD hit an all-time low on October 29th. , reached $0.725 per unit about 24 hours ago on Saturday. When the stablecoin fell below the $1 peg in August, Huobi addressed the issue on Twitter.

“We are aware of the current liquidity issues associated with the HUSD stablecoin issued by Stable Universal Limited and built on the Ethereum network,” said Huobi. murmured Additionally, at this time, HUSD’s official Twitter account tweeted about the closure of multiple market maker accounts.

“We recently decided to close several accounts in certain regions to comply with legal requirements.This included accounts for some market makers,” HUSD tweeted. account Said On the same day. “Due to the time difference in bank opening hours, this caused short-term liquidity issues, which have since been resolved.”

HUSD’s official Twitter account, as of at least 9:30 am ET on October 30, 2022, has posted no tweets or statements since the tweet on August 18, when HUSD first began de-pegging from the US dollar. I haven’t.

What do you think about stablecoin HUSD falling well below $1? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist living 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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