HUSD Loses Peg Seriously After Being Delisted By Huobi

After Huobi Global announced that they would delist stablecoin HUSD and automatically convert it to USDT at a 1:1 ratio, the value of HUSD assets plummeted to as low as $0.74/unit.

Affected by the delisting of the Huobi exchange, the Huobi eco-stablecoin $HUSD once again decoupled from the US dollar which is currently trading at $0.8. Recording the lowest time HUSD was only $0.74.

Huobi Global acquired by a Hong Kong fund announced on the evening of the 27th that it will delist the ecological stablecoin Huobi on the grounds of “promoting the healthy development of the blockchain industry.” Upon delisting, the HUSD in the user’s account will be exchanged for USDT at a 1:1 ratio.

The transition is expected to be completed by November 4, an announcement will be made when the process is complete.

Huobi’s sudden move is said to pave the way for Justin Sun’s stablecoin TRON algorithm USDD. Mr. Sun said on the 11th of this month that he will require Huobi to add USDD to all crypto trading pairs over the next three months. According to Coinmarketcap data, the current market value of USDD has reached $724 million, ranking seventh in the stablecoin market overall.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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