The digital stablecoin HUSD is down 56% of its peg to the dollar… Find out why!
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Answer The digital stablecoin HUSD is down 56% of its peg to the dollar… Find out why!
Appear data New data from cryptocurrency price tracking platform CoinMarketCap shows that the cryptocurrency HUSD has dropped significantly from its $1 peg, falling to $0.28 after it was delisted from crypto exchange Huobi on Friday last week.
At the time of writing this article, HUSD is trading at $0.3315 with a trading volume of just over $1 million over a 24 hour period.
The stablecoin HUSD is down 44% in the past 24 hours, dropping to 287th place on coinmarketcap, with a total market capitalization of $73.7 million.
The popular stablecoin has been trading below the peg since October 28 and maintained its value at $0.76 over the weekend.Read:Crypto company “FTX” launches an investment fund worth 2 billion dollars
Yesterday, Monday, October 31 at 4 am, the stablecoin fell sharply to a low of $0.28 before rebounding a bit.
What is the reason for the decline in the value of the digital stablecoin HUSD?
Huobi delisted HUSD on Friday, October 28 and then transferred users’ assets to the stable digital currency Tether (USDT).
According to the platform’s announcement published on Thursday, October 27:
Users can still exchange HUSD digital tokens for Tether (USDT).
It is worth noting that the Tether USDT is the largest stablecoin in the industry by market capitalization.
Currently, it is unclear why Huobi decided to abandon its preferred stablecoin HUSD, but it appears that the exchange simply does not prioritize stablecoin anymore.
According to Thursday’s update, Huobi has clarified that it will delist HUSD in accordance with Article 11 of the Huobi Global Token Management Rules.
The termination and write-off period began on Friday amid the write-off period that extends until Friday, November 4, 2022.
Huobi customers will see HUSD automatically convert to Tether (USDT) in a 1:1 ratio, according to the trading platform.Read:How can cryptocurrency be recovered if the Ledger hardware wallet is lost?
For your information, Huobi is not the company behind the issuance of the stablecoin HUSD, but the latter is active on the Huobi exchange and Huobi has been marketing this coin since its launch in 2018.
HUSD was first introduced by Huobi on October 19, 2018, although Hong Kong-based Stable Universal was responsible for issuing and managing the stablecoin.
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