Seychelles-based crypto exchange Huobi will no longer support trades for its native stablecoin, HUSD.
Users with funds stored in that token will have their assets auto-converted into USDT – the world’s largest stablecoin – at a 1:1 ratio.
- In an announcement on Thursday, the exchange explained that the delisting is “in compliance with Article 11 of Huobi Global Token Management Rules.” The article gives Huobi Global the right to inspect its project team at any time fo reasons it deems necessary.
- The delisting will take effect on October 28th at 8:00 UTC. Meanwhile, the conversion of HUSD into USDT is expected to complete by November 4th (GMT+8)
- All open orders for HUSD will be canceled, and relevant assets will be credited to users’ spot accounts in the form of USDT.
- HUSD is fiat collateralized stablecoin backed by U.S. dollars held in Paxos-owned bank accounts. It currently trades for roughly $0.98, slightly off its ideal dollar mark.
- The coin experienced a major de-pegging down to just $0.90 in August, but managed to quickly recover back to $1.00 within 12 hours at the time.
- Justin Sun confirmed that he’d taken on an advisory role at Huobi earlier this month. The entrepreneur is the founder of Tron, which uses a decentralized stablecoin called USDD.