Huobi StableCoin crashes by 70 % because Justin Sun Tron replacement is prepared

Von Krypto News Österreich

Justin sun
  • Justin Sun, who is now playing a key role in Huobi, plans to replace Husd with his own USDD
  • The latest slump from Husd is likely to mark the end for the native stable coin of the crypto tour

The swan singing for Huobi Global's stable coin tied to the dollar is now sounding. Husd fell on a deep of 28 cent this morning, four days after the crypto exchange announced It would decorate the token.

Huobi, one of the largest crypto exchanges in the room, was recently bought up by a wealth management company About Capital based in Hong Kong, which is reported to Justin Sun.

While Sun denied to be responsible for About Capital (as he initially did when he acquired polonex), the controversial crypto entrepreneur is an official Huobi advisor. Sun tells Coindesk List USDD ”, a tron-based stable coin.

huobi recently said that all users Husd dignity in Tether (USDT). Stablecoin was introduced in September 2019, whereby its market capitalization briefly reached a maximum of $ 1 billion in May 2021.

However,

Husd has not been able to conquer any significant market share since then and has been only $ 80 million in the last month. Husd is no longer represented on Huobi, but the token is still traded on decentralized stock exchanges with Mdex contribute almost 90 % of the daily trade volumes.

all of this, while Huobi may be subject to a complete revision. The journalist Colin Wu " The Tron-Team appealed to the management of important departments on Saturday Crypto trade company has taken over, and Huobis current strength of 1,600 could be reduced because Sun believes that there are too many employees.

In a Twitter on Monday that his team was "extremely careful" with regard to the future personnel agreements of the company. Huobi did not answer the request from Blockworks for comment until the editorial deadline.

Huobi actually seems to be changing, but stable coins have been faced with several fortwinds in the past few months, including an increased regulatory focus and changes in market perception due to the recent top -class incidents such as the collapse of Terra.

The Near protocol recently put down its own algorithmic stable coin USN to avoid another terra-like situation.

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The contribution "Huobi Stablecoin crashes by 70 %, while Justin Sun is preparing the tron ​​replacement" is not a financial advice.