Stablecoin HUSD Hits All-Time Low At $0.72 – Bitcoin News

The value of the stablecoin asset has significantly decreased since Huobi Global announced that it would be delisting the stablecoin HUSD and automatically converting customer balances 1:1 with tether tokens. As a result, the price of the stablecoin asset has reached a new all-time low of

HUSD is still trading at a discount to the $1 Peg.

HUSD has fallen from its $1 peg to $0.746 per unit on October 30, 2022, making it yet another stablecoin that is having difficulty maintaining its parity with the United States dollar. At the time of this writing, the stablecoin token is trading at $0.765 per unit, and the total volume of global transaction over the past 24 hours has only been $59,790. News revealed two days ago that Huobi Global had made the announcement that it would remove HUSD from its trading platform. HUSD is a stablecoin asset that was created by Stable Universal. Despite the fact that both Huobi and the stablecoin shared the same name and Huobi introduced HUSD on October 19, 2018, the exchange severed ties with the stablecoin token this year.

The HUSD was unpegged earlier this year on August 18, when it reached its lowest point of this year at $0.82 per HUSD. On October 11 and again on October 28, the HUSD exchange rate dropped below the $1 parity. When it reached $0.725 per unit on Saturday, October 29, nearly twenty-four hours ago, HUSD struck an all-time low that it has never touched before. In August, the stablecoin fell below the $1 peg, and Huobi immediately took to Twitter to rectify the issue.

In a tweet dated August 18, Huobi stated, "We are aware of the current liquidity concerns linked with the HUSD stablecoin, which is issued by Stable Universal Limited and constructed on the Ethereum network." Stable Universal Limited is the company that created the HUSD stablecoin. In addition to that, at that time period, the official Twitter account for HUSD posted about the closure of multiple market maker accounts.

On the same day, the official HUSD Twitter account explained why some market maker accounts had been closed: "Recently, we had made the choice to close several accounts in specific countries to comply with regulatory requirements, which included several market maker accounts." This caused a short-term liquidity crisis, but it has since been remedied because of the time difference between when banks are open and when they are closed.

At the very least, as of 9:30 a.m. Eastern Time on October 30, 2022, the official HUSD Twitter account has not tweeted or made any announcements since the tweet that was posted on August 18, which was when HUSD first started to depeg from the U.S. dollar.

Orizu Ebube

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