- 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.
Read CRYPTONEWSLAND on
google news
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.
Recommended News :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
