• Tue. Jun 18th, 2024

Huobi Chose To Stop Listing Its Native Coin And Buy USDT

Alvin Hayes

ByAlvin Hayes

Oct 29, 2022

Huobi Global decided to get rid of the digital currency HUSD and projects to exchange its holdings to USDT. 

The inborn stable token of Houbi company has been delisted, and the business intends to convert all of its HUSD assets to USDT. The announcement was made early this morning by a representative of the exchange. The action, according to the exchange, is an ongoing attempt to promote the reasonable improvement of the distributed coins framework. 

The new system

Starting in October, all clients with HUSD accounts will be converted to USDT as a part of the removal procedure. The exchange anticipates having finished by this fall. The most deficient months are August and October. Huobi launched HUSD in October 2018 to offer trading methods and a comprehensive stable token method. However, in the middle of August, HUSD’s value was zero dollars. CoinGecko estimated that it dropped to $0 at the beginning of August.

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The delisting move is a part of a movement of acquisitions and strategic decisions in the stablecoin market, which is dominated by USDT, a $140 billion market share in cryptocurrencies. HUSD has been having troubles recently. After the price of Stablecoin dropped 8% in August due to regulatory worries, its issuer temporarily lost its peg to the dollar, and “many accounts” were closed. The latest news states that most shares are owned by Justin Sun. 

Justin Sun’s acquisition

Justin has been recently accepted by the new Huobi establishment. The company announced on October 10 that several HUSD trading pairs would be taken off the exchange. HUSD Stablecoin trading pair removed from Huobi list. Since Huobi may have delisted the coin for now-known reasons, the $1 peg was likely lost as a result. Binance made the announcement that it would give up registering some exchange pairs connected to popular coins this Fall.

The automatic conversion of deposits to Binance USD will take place instead. This time, however, that is not the case, and it’s possible that Huobi has stopped favoring stable coins altogether. Stablecoin HUSD has already dropped to $0. 96, with a 24-hour sales total of more than $800,000.

Alvin Hayes

Alvin Hayes

Alvin Hayes is a seasoned news writer known for his engaging storytelling and thorough research. With a commitment to accuracy and a captivating writing style, his articles provide readers with insightful and well-rounded perspectives on current events.

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