HUSD Stablecoin Loses Dollar Peg, Huobi Supposedly Jumped Ship in April

HUSD appears to be the next stablecoin that’s having serious difficulties in maintaining its dollar parity.

Huobi, the cryptocurrency exchange that seemingly backed the stablecoin, supposedly abandoned the project in April. However, they promise to help in handling the liquidity issues.

HUSD becomes the latest stablecoin to lose its dollar parity, according to data from CoinMarketCap.

Source: CoinMarketCap

As seen in the chart above, the cryptocurrency trades at around $0.89 – more than 10% below its intended fixed value of $1.
It’s worth noting that HUSD was launched by the popular cryptocurrency exchange Huobi back in 2018.
However, in a statement in the platform’s official Telegram Group, a community manager claimed that Huobi had abandoned HUSD back in April.

Source: Telegram

The company also took it to Twitter and issued a formal statement.

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 has always prioritized the safety of our customers’ assets, and will work together with HUSD’s issuer to find a solution and restore its stability as soon as possible.

The post HUSD Stablecoin Loses Dollar Peg, Huobi Supposedly Jumped Ship in April appeared first on CryptoPotato.

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