Huobi minted another 4.2 million HUSD stablecoins, a sign of revival?
According to data released by Whale Alert, Huobi generated HUSD 4,200,000 worth $ 4.2 million yesterday, that mint took place around 7:30 GMT.
4,200,000 #HUSD ($ 4,200,000) minted at HUSD Treasury
– Whale alert (@whale_alert) April 20, 2020
HUSD has been largely inactive since launch
The stablecoin hasn’t seen much trading volume since its inception in 2018, but it was reactivated on February 7th of that year and we’ve seen several more minting moves from Huobi since then.
Huobi minted approximately HUSD 2,013,945 on February 7. It minted about 1,950,000 HUSD the next day, February 8th, then another minting of 1,090,075 HUSD took place on February 14th.
At press time, Huobis Stablecoin has a reported market cap of $ 148 million with a daily trading volume of around $ 20 million. This is lower than Binance’s BUSD market cap of $ 203 million, which is also double the trading volume of HUSD.
The HUSD project was announced in late 2018 when Huobi tried to snag a slice of the stablecoin pie. But the unfavorable situation in 2019 made this coin look like a dead coin.
This recent coinage may be a promotional move trying to attract attention, but it is also impossible to underestimate Huobi’s trading volume as it is a very popular exchange among Chinese traders and is also the place where billions of dollars in fraudulent Bitcoins being sold are notorious plus tokens.
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