According to a press release published by Huobi today, October 28, the cryptocurrency exchange platform has decided to delist its stablecoin Huobi USD (HUSD).
The press release says that HUSD was developed in partnership with Paxos and Stable Universal and was issued on the Ethereum blockchain as an ERC-20 token. On October 16 of this year, the company launched a new USD-pegged stablecoin, HUSD Token (HUSD), based on four blockchains: Ethereum, EOS, TRON and OmiseGo. According to the announcement, all of HUSD’s trading pairs will be removed from the official trading platforms of Huobi Global at 18:00 (GMT+8) on October 28. As for withdrawals, users can withdraw their HUSD to their wallet address until November 27 at 18:00 (GMT+8).
HUSD Down The Drain
Huobi launched the HUSD stablecoin in partnership with Paxos and Stable Universal. It is based on four blockchains: Ethereum, EOS, TRON and OmiseGo.
While the official press release did not provide any information on why it was delisted, there are speculations that this might have something to do with Huobi’s decision to delist its lapses.
Huobi introduced HUSD in 2018 as a “stablecoin solution” that used other dollar-pegged tokens as backing. HUSD is a very small stablecoin. Although Huobi actively promoted the token as being “unique” to its exchange when it debuted, it was issued by Stable Universal.
The Sad Reality
It is not uncommon to see crypto companies delist their coins. Sadly, they rarely bounce back. What where the issues? What really happened? The move is part of a wave of mergers and manoeuvring in the $140 billion stablecoin market, which USDT has long controlled. However, a recent wave of immigrants has loosened that hold.
HUSD has experienced its issues. As a result of its issuer closing “many accounts” owing to regulatory concerns in August, the stablecoin momentarily lost its dollar peg and fell 8%.
It also states that Huobi’s exchange will continue to support all its users’ current stablecoins, including Tether (USDT), Dai (DAI), TrueUSD (TUSD) and Gemini Dollar (GUSD).
Huobi Will remove it From Trading Platforms.
HUSD is the world’s first stablecoin to be launched on a decentralized platform. The team created it at Huobi Global, a leading cryptocurrency exchange. According to their announcement, all of HUSD’s trading pairs will be removed from the official trading platforms of Huobi Global at 18:00 (GMT+8) on October 28. As for withdrawals, users can withdraw their HUSD to their wallet address until November 27 at 18:00 (GMT+8).
Huobi plans to launch a new version of HUSD next week using an upgraded technology base and enhanced functions such as multi-token support and an adjustable supply limit control mechanism. The latest version will also support cross-chain transactions with multiple blockchain networks under one umbrella protocol instead of relying on Ethereum intelligent contracts alone as its predecessor did.
Huobi has become one of the first cryptocurrency exchanges still in operation to pass a 2020 data security standard audit for financial services organizations. In addition, Huobi Thailand has partnered with Thai fintech firm TMB Bank to launch a crypto payment service for retail investors in Thailand.
As Cointelegraph reported earlier this month, Huobi has become one of the first cryptocurrency exchanges still in operation that has passed a 2020 data security standard audit for financial services organizations. In addition, Huobi Thailand has partnered with Thai fintech firm TMB Bank to launch a crypto payment service for retail investors in Thailand.
The company is releasing a new version of its stablecoin Soon.
Huobi is releasing a new version of its stablecoin soon. The company says the coin will be based on four blockchains: Huobi Global, Huobi Prime, Huobi Korea and BitMax. You cannot withdraw HUSD to your wallet until November 27 at 18:00 (GMT+8).
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Conclusion
In conclusion, we believe that HUSD is a good stablecoin with a strong use case. It has helped the cryptocurrency ecosystem by allowing users to trade on exchanges without worrying about price volatility. However, as mentioned above, some issues need addressing before this can happen again. The most pressing issue right now is that it relies on Ethereum and EOS blockchains, making it difficult for other exchanges that do not have access to these two networks (such as Binance).
