Huobi’s Husd is the latest stablecoin to risk further shedding as it currently trades for less than $0.8. However, the exchange ended Stablecoin shares in April.
according to Coingecko, Husd is down more than 11% in the last 24 hours as it is currently trading at $0.87.Curve Finance also noted that the HUSD/USDT exchange rate is among them husd/3crv The pool is $0.94.
Huobi has confirmed that stablecoin issuer Stablecoin Universal is experiencing liquidity issues.
We are aware of the current liquidity issues associated with the Husd Stablecoin issued by Stable Universal Limited and built on the Ethereum Network.
– Huobi (@huobiglobal) August 18, 2022
Addressing customer concerns, Huobi’s global community manager Ruly said:
Huobi Global exited Stable Universal in April 2022. We urge Husd to address its liquidity issues as soon as possible.
Many customers are left behind because Husd issuer’s efforts to reach Stable Universal are insubstantial.
Cashbacked Husd Stablecoin
Husk A cash-backed stablecoin issued by Stable Universal Limited. Stablecoins are redeemed against US dollars on a 1:1 basis. That preliminary report shows that each token issued is backed by 100% of the cash held in money market accounts.
In the wake of Depeg, Husd’s market cap sits at $71.4 million.
Paxos lists Husd
Stablecoin launched by Stable Universal Limited July 2019, It looks like you lost the deal.
internal one year Working with Paxos, Stablecoin had issued over $1.6 billion in Husd tokens and over $3 billion in transactions processed.
Paxos was the last named administrator of the cash reserve backing the Husd Stablecoin.
Paxos is the custodian of all the underlying dollars of the Husd Token, so it can offer additional features to Husd’s users.
ever since July 2020, Paxos has not made any official announcements about Stablecoin Holdings. However, Husd is not listed as a stablecoin Paxos provides custody of.
I also had FTX announced It no longer treats Husd as part of its US dollar holdings and will stop accepting it as collateral on its platform.
