Huobi’s HUSD Depegs After Firm Delists Stablecoin

  • Huobi announced that HUSD will be delisted in accordance with Huobi Global Token Management Rules.
  • After the announcement, HUSD lost its peg and is now trading at $0.42.
  • The crypto exchange began using USDD, the stablecoin founded by its newly appointed board member Justin Sun.

HUSD, the stablecoin of crypto exchange Huobi, was depegged after Huobi announced its plan to delist the stablecoin.

On October 8th, the overall shareholding of Huobi Global was sold to About Capital. Two days after the purchase, multiple sources confirmed that Tron’s founder Justin Sun is actually the main investor in the buyout. In addition, FTX CEO Sam Bankman-Fried also reportedly invested to support Sun with its purchase.

While Sun denied his involvement with the said purchase, the founder of Tron unveiled via tweet that he was one of the newly appointed global advisory board members of Huobi Global. Huobi also reportedly began using Sun’s USDD, the decentralized stablecoin of Tron.

According to Huobi’s announcement post, the HUSD delisting was in accordance with Article 11 of Huobi Global Token Management Rules. HUSD will be converted to USDT at a 1:1 ratio and the delisting already commenced on October 28th.

However, the completion of the HUSD’s conversion to USDT was expected to happen before November 4th, as per the notice. This means that HUSD holders, who failed to convert their stablecoins, will receive a much lower value since the stablecoin’s value already decreased.

At the time of writing, HUSD stablecoin was depegged for as low as $0.4166, down 45.51% over the last 24 hours, according to crypto price tracking website CoinMarketCap. The stablecoin’s market cap also falls 45.51% over the last 24 hours, now sitting at around $93.3 million.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.