The week on Thursday, the cryptocurrency exchange Huobi Global decided to withdraw and delist the stablecoin HUSD from its exchange citing the rules mentioned in the hugoi global management mandates and as per article 11 of the rules in the houbi global rules. After the delisting of stablecoin HUSD, the users of the stablecoin will be able to review the assets in the form of tether by the 4th of November next month.
What is Huobi Global?
Huobi Global is a cryptocurrency exchange which is based in Seychelles. The organization started its operations in 2013 in China but has to move its headquarters to the remote island country Seychelles considering the crypto regulation in mainland china in the last decade.
Why can any exchange delist any cryptocurrencies?
The exchanges can delist any cryptocurrencies as per the new rules and the national wide changes in the policies of the exchanges. These delistings are worked out in consideration with the alternative options for all the customers of the platforms, and all the delisting options are provided to the customers to complete the systemic delisting of the crypto asses.
What is HUSD?
HUSD is a stablecoin, the stablecoins are crypto assets that are backed by some physical currencies or assets with the pegged values of that stable coins with backed currencies. The HUSD was for the first time introduced as the stablecoin by Huobi Global to the world and its customers through their official blog page in the year October 2018. The stablecoin HUSD was created on top of technologies of the Ethereum and was pegged with the physical assets of US dollars and Ethereum. As per the official record of different platforms, the HUSD is considered to have a market value in the range of $187 million to $223 million.
Though the HUSD, was introduced by Huobi Global as the stablecoin, the assets for the same as backed and issued by the Hong Kong-based company Stable Universal. After the recent delisting announcements, the value of the stablecoin depreciated to $0.9549 compared it its pegged value of $1. The customer will be able to transfer their stablecoins to the options like the USDT or the teather to complete the stablecoins conversion after delisting the stable coming from the cryptocurrency exchange platforms
What is Tether?
Tether is also a stablecoin which is asset based with the USDT. As of 2022, the tether has been able to mint stable coins with the help of 10 blockchains and protocols.