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Huobi Stablecoin Plunges 70% as Justin Sun Prepares Tron Replacement
Justin Sun, who now plays a key role at Huobi, plans to replace HUSD with his own USDD HUSD's recent plunge likely marks the end for the crypto exchange's native stablecoin The swansong for Huobi Global's dollar-pegged stablecoin is now sounding. HUSD fell to a low of 28 cents this morning, four days after the crypto exchange announced it would delist the token. Huobi, one of the largest crypto exchanges in the space, was recently acquired by Hong Kong-based asset management firm About Capital, which is reportedly headed by Justin Sun. While Sun has denied working for About Capital...
Huobi Stablecoin Plunges 70% as Justin Sun Prepares Tron Replacement
- Justin Sun, der jetzt eine Schlüsselrolle bei Huobi spielt, plant, HUSD durch seinen eigenen USDD zu ersetzen
- Der jüngste Einbruch von HUSD markiert wahrscheinlich das Ende für die native Stablecoin der Kryptobörse
The swan song for Huobi Global's dollar-pegged stablecoin is now ringing. HUSD fell to a low of 28 cents this morning, four days after the crypto exchange announced it would delist the token.
Huobi, one of the largest crypto exchanges in the space, was recently acquired by Hong Kong-based asset management firm About Capital, which is reportedly headed by Justin Sun.
While Sun has denied being responsible for About Capital (as he initially did when he acquired Poloniex), the controversial crypto entrepreneur, is an official Huobi advisor following the deal. Sun tells CoinDesk Earlier this month, Huobi would “likely list the entire cryptocurrency against USDD,” a Tron-based stablecoin.
Huobi recently said that all users HUSD would be converted into Tether (USDT) at a 1:1 ratio. The stablecoin launched in September 2019, with its market cap briefly peaking at $1 billion in May 2021.
However, HUSD has failed to capture significant market share since then, hovering at just $80 million last month. HUSD is no longer present on Huobi, but the token continues to be traded on decentralized exchanges with MDEX contribute almost 90% of daily trading volume.
All this as Huobi potentially undergoes a complete overhaul of its teams. China-based journalist Colin Wu reported on Saturday that Sun's TRON team appears to have taken over leadership of key departments at the crypto trading firm, and Huobi's current strength of 1,600 could be reduced because Sun believes there are too many employees.
In one tweet On Monday, Sun said his team was "extremely cautious" about the company's future workforce arrangements. Huobi did not respond to Blockworks' request for comment by press time.
Huobi does appear to be in transition, but stablecoins have faced several headwinds in recent months, including increased regulatory focus and changes in market perception due to recent high-profile incidents such as the Terra collapse.
NEAR Protocol recently shelved its own algorithmic stablecoin USN to avoid another Terra-like situation.
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The post “Huobi stablecoin crashes 70% as Justin Sun prepares Tron replacement” is not financial advice.