End of course for the HUSD – Huobi Global give them stablecoins the HUSDabout two months after its price showed signs of weakness.
HUSD put on hold in favor of Tether
In a press release dated October 27, Huobi Global announced the cessation of trading services related to HUSD as well as the removal of the stablecoin from the list of listed tokens. The crypto exchange justifies this decision by referring to article 11 of the management rules for its tokens.
This article is about the rules of“regular inspection”. It states that “Huobi Global has the right to inspect the project team on a regular or random basis” for a variety of reasons, which include – but are not limited to – commitments made in white papers, a security review of technical codes, or a change in core team members.
By invoking this article 11, Huobi Global does not actually provide no leads precise information that can allow its users to really understand the situation.
Be that as it may, the stablecoin suffered some jolts in the month of August. He then lost by 8% its parity with the dollar, after its issuer closed many accounts due to regulatory concerns.
The divestiture of trading services and the withdrawal of HUSD became effective on October 28 at 08:00 UTC. Open HUSD orders had to be canceled before this date. HUSD holdings will be converted to Tether (USDT) for a ratio of 1:1. This conversion operation should be completed before November 4 at 8:00 UTC.
This pullback from the HUSD comes just over two weeks later when the founder of Huobi Global sold all of its shares to Tron founder Justin Sun.
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