cryptonews.net
Crypto exchange Huobi announced the delisting of 21 trading pairs with the stablecoin HUSD. On October 10, token trading in pairs with USDC, BTC, ETH, HT, DOT, XRP, LINK, BCH, LTC, ADA, EOS, ETC, TRX, CRV, UNI, FIL, ALGO, OMG, AAVE, THETA and DOGE was stopped . In an announcement dated October 10, the project team asked users who own cryptocurrencies included in the published list to choose other assets besides HUSD to pair with them. Pending orders in pairs with HUSD will be canceled, funds will be automatically returned to the client's exchange account, the announcement says.
Following the publication of this announcement, the HUSD stablecoin lost its peg to the US dollar and dropped to $0.84 per coin, according to CoinGecko. After that, the coin recovered briefly, but then began to fall again. At the time of writing, HUSD is trading at $0.97, 3% below the value of the fiat currency it should match.
In 2018, Huobi Global launched the HUSD token, a non-algorithmic coin backed by reserves in the company's bank accounts. Peck Shield said Huobi transferred $70,000 worth of HUSD to an address associated with Alameda Research. The latter has since exchanged them for other stablecoins: $USDC, $USDT, $DAI. The rate of another crypto exchange Huobi HT has risen in price by 28% per day from $4.12 to $5.29.
Image: Nairametrics