HUSD Stablecoin Loses Dollar Peg, Huobi Supposedly Jumped Ship in April

ADS


HUSD appears to be the next stablecoin that’s having serious difficulties in maintaining its dollar parity.

Huobi, the cryptocurrency exchange that seemingly backed the stablecoin, supposedly abandoned the project in April. However, they promise to help in handling the liquidity issues.

  • HUSD becomes the latest stablecoin to lose its dollar parity, according to data from CoinMarketCap.
img1_husd
Source: CoinMarketCap
  • As seen in the chart above, the cryptocurrency trades at around $0.89 – more than 10% below its intended fixed value of $1.
  • It’s worth noting that HUSD was launched by the popular cryptocurrency exchange Huobi back in 2018.
  • However, in a statement in the platform’s official Telegram Group, a community manager claimed that Huobi had abandoned HUSD back in April.
img1_huobi
Source: Telegram
  • The company also took it to Twitter and issued a formal statement.

We are aware of the current liquidity issues associated with the HUSD stablecoin, which is issued by Stable Universal Limited and built on the Ethereum network.

Huobi has always prioritized the safety of our customers’ assets, and will work together with HUSD’s issuer to find a solution and restore its stability as soon as possible.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link Crypto Potato

ADS

Be the first to comment

Leave a Reply

Your email address will not be published.


*