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Another stablecoin unpegged! HUSD drops to $0.91, rumored Huobi has exited in April

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Another stablecoin unpegged! HUSD drops to $0.91, rumored Huobi has exited in April

The stablecoin HUSD supported by the Chinese cryptocurrency exchange Huobi is currently experiencing a de-pegging situation, with its price against the US dollar dropping since noon on the 18th to 0.91 at the time of writing. The de-pegging situation has not been explained by Huobi Global or Huobi China's official Twitter accounts. However, according to media outlet PANews, "Huobi announced that they have noticed the liquidity issue with the stablecoin HUSD, which is issued by Stable Universal Limited and based on the Ethereum network. Huobi exited HUSD in April 2022. They are currently urging HUSD to actively resolve the problem."

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The stablecoin HUSD supported by the Chinese cryptocurrency exchange Huobi is currently experiencing a deviation from its peg. The price against the US dollar started to decline from noon on the 18th and was at 0.91 at the time of writing. The situation of the deviation from the peg has not been explained on Huobi Global or Huobi China's official Twitter accounts. However, media outlet PANews reported that "Huobi announced that it has noticed the liquidity issue with the stablecoin HUSD, which is issued by Stable Universal Limited, a stablecoin based on the Ethereum network, and Huobi has exited in April 2022. Currently, Huobi is urging HUSD to actively resolve the problem."

  • HUSD is ranked 15th among stablecoins in terms of market capitalization, with a circulating supply of 160 million, while the official website announcement states 220 million.
  • The issuer of HUSD is Stable Universal, which claims to be a partner of Huobi Global.
  • The majority of trading markets for HUSD are on the Huobi exchange.
  • HUSD supports blockchains such as Ethereum, HECO, Tron, and Cube.
  • The FTX exchange removed HUSD from its stablecoin pool two weeks ago, keeping it separate from other categories of stablecoins for independent deposits and withdrawals.
  • In the stablecoin exchange protocol Curve's HUSD/3CRV pool, HUSD liquidity accounts for 90%, causing a severe imbalance. The exchange rate is at its lowest at 1:0.9, having dropped to 1:0.94 at one point.