Huobi has announced that it will delist the US dollar-pegged stablecoin HUSD.
The cryptocurrency exchange will delist stablecoin HUSD and convert users’ assets to USDT.
Huobi Delists Its Stablecoin
Huobi has announced that it will delist HUSD. The stock market said the following on the subject:
“As part of our efforts to promote the healthy development of the blockchain ecosystem, uobi Global will cease trading and delist HUSD in accordance with Article 11 of the Huobi Global Token Management Rules.”
The exchange announced that the delisting process will start on October 28th at 11:00 am. From this date, HUSD deposits and withdrawals will be stopped and all stablecoin related offers will be cancelled. The exchange will also convert users’ HUSD tokens to USDT at a 1:1 ratio. The translation process will be completed by 4 November.
HUSD, built on the ERC-20, lost the dollar peg on October 11, dropping to as low as $0.90. Although the token shares the same name as Huobi, it is controlled by Hong Kong-based Stable Universal.
The exchange said on October 8 that a majority stake in the company will be sold to Hong Kong-based About Capital Management. Wu Blockchain, on the other hand, claimed that the real name behind the share sale was Justin Sun, the founder of Tron.
Justin Sun stated that he is only an advisor for the stock market.
