Huobi will take HUSD off its list of cryptocurrencies

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Last Updated on October 28, 2022 by Bitfinsider

Huobi Global will take down the stablecoin HUSD, which is tied to the U.S. dollar, on October 28 and convert users’ assets to Tether (USDT).

The exchange said: “As part of our continuous efforts to promote the healthy development of the blockchain ecosystem, Huobi Global will be ceasing the HUSD trading service and delisting HUSD in compliance with Article 11 of Huobi Global Token Management Rules.”

Huobi said that the delisting will begin on Oct. 28 at 8:00 UTC. At that time, it will stop letting people put and take out HUSD and cancel any open orders that have to do with the stablecoin. The exchange will change users’ HUSD to USDT at a rate of 1:1, and plans to finish this change before Nov. 4.

HUSD, a centralized stablecoin based on the Ethereum ERC-20 token standard, lost its dollar peg on October 11 and fell as low as $0.90. The stablecoin, which is worth almost $187 million on the market, is controlled and issued by Hong Kong-based Stable Universal, even though it has the same name as an exchange called Huobi.

Huobi Global made two important announcements in the days before HUSD lost its peg, but it’s still not clear how much they affected the stablecoin’s loss of parity and eventual removal from the Huobi exchange.

First, on Oct. 8, Huobi Global announced that it would sell the majority of its shares in the company to About Capital Management, which is based in Hong Kong. Wu Blockchain stated that Justin Sun, the founder of Tron, was the “real” buyer behind Huobi Global’s stake sale. However, Sun has denied this claim on his part. Sun also added that he is but “only a advisor” to Huobi.

Second, on Oct. 10, the exchange said it would remove 21 HUSD trading pairs from its list the same day. It didn’t say why it was doing this, but said it was part of its ongoing efforts to give customers a “better trading experience.”

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