Huobi Global willremove Stablecoin HUSD pegged to the US dollar released Oct. 28 and converts user assets to Tether (USDT).
“As part of our ongoing efforts to promote the development of a healthy blockchain ecosystem, Huobi Global will terminate its HUSD trading service and revoke HUSD in accordance with Article 11 of the Huobi Global Token Management Rules.”
Huobi said the withdrawal will begin at 3pm on Oct. 28, it will stop HUSD deposits and withdrawals, and cancel open orders related to stablecoin, while also converting HUSD’s. users to USDT at a ratio of 1:1, stating that the company plans to complete the conversion before November 4.
HUSD, a centralized stablecoin built on the Ethereum ERC-20 token standard, lost its peg on Oct. 11 and dropped as low as $0.90 where the stablecoin currently has a market cap.almost $187 million
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