On Thursday, Huobi addressed the public on Twitter and the exchange said “we are aware of the current liquidity issues associated with the HUSD stablecoin.“Market data shows that the HUSD slipped to a low of $0.827 per unit on Thursday.
The 22nd most important Stablecoin HUSD is breaking away from the USD parity
After the AUSD incident four days ago on August 14, another stablecoin linked to the value of the US dollar has fallen below USD parity. The HUSD stablecoin, associated with Huobi Global, lost 16% of its value on Thursday after falling to a low of $0.827 per unit. HUSD’s depreciation problem began Wednesday night when the stablecoin slipped to $0.92 per unit.
On Thursday, Huobi Global addressed the public on Twitter and explained that HUSD had some sort of liquidity problem. “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 “, said Huobi. “Huobi has always prioritized the safety of our clients’ assets, and will work with the HUSD issuer to find a solution and restore its stability as soon as possible“, said the exchange.
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 (@HuobiGlobal) August 18, 2022
Out of more than 13,000 cryptoasset market capitalizations, HUSD is ranked #353 and holds the 22nd position in terms of stablecoin market valuations. The coin has a market capitalization of approximately $68,801,056 today, but there are 81,358,201 HUSD coins issued, showing a large discrepancy in its so-called USD value. Data details that a Huobi community manager on Huobi’s official Telegram channel reportedly said, “HUSD is a stable currency issued by Stable Universal Limited” and “Huobi was released in April 2022“.
Huobi community manager Ruly said in the official telegram group that he has noticed the liquidity problem of the stable currency HUSD. HUSD is a stable currency issued by Stable Universal Limited and based on the Ethereum network. Huobi exited in April 2022.
– Louis (@lushiyichifanl) August 18, 2022
The site stcoins.com says that HUSD is: “redeemed on a 1:1 basis against the US dollar. It is designed to be easily redeemable and provides a tool for holders to reduce volatility when participating in the crypto-currency market.“The HUSD was first introduced Huobi Global on October 19, 2018 on its blog.