Huobi Global Delists HUSD Stablecoin

Huobi Global will delist the US dollar-pegged stablecoin HUSD and transfer users’ holdings to Tether (USDT).

Huobi Global stated that the delisting would begin on October 28 at 8:00 UTC. At that point, it will suspend HUSD deposits and withdrawals, as well as cancel any open orders for the stablecoin. Meanwhile, the exchange stated that it will convert customers’ HUSD to USDT at a 1:1 ratio and that it expects to finish this conversion by November 4.

On October 11, HUSD, a controlled stablecoin based on the Ethereum ERC-20 token standard, lost its dollar peg and plummeted as low as $0.9. Despite bearing the same name as the exchange Huobi, the stablecoin, which has a market valuation of roughly $187 million, is managed and issued by Hong Kong-based Stable Universal.

Huobi Global announced that it would sell its majority ownership in the firm to About Capital Management of Hong Kong. On October 10, the exchange stated that it would delist 21 HUSD trading pairs, citing the decision as part of its ongoing efforts to provide consumers with a better trading experience.

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