Another stablecoin is having trouble maintaining parity with USD as HUSD‘s $1 peg has fallen to $0.746/unit on October 30, 2022. The stablecoin token can be exchanged for $0.765 per unit at the time of writing and global trade volume has dropped to $59,790 over the last 24 hours.
Bitcoin.com News reported two days ago that Huobi Global had announced it would delist the stablecoin asset HUSD issued by Stable Universal. Huobi and the stablecoin were the same name. Huobi introduced USD on October 19, 2018. However, the exchange decided to dissociate itself from the stablecoin token.
HUSD was depriced earlier in the year. It fell to $0.82 per HUSD Aug. 18. The HUSD also fell below $1 parity on October 11 and 28. HUSD hit an all-time low of $0.725 per unit on Saturday, Oct. 29. This was 24 hours ago. Huobi took to Twitter to address the issue when the stablecoin fell below $1 per unit in August.
Huobi tweeted Aug. 18: “We are aware that there are current liquidity issues with the HUSD stablecoin. It is issued by Stable Universal Limited, and built on Ethereum network. Additionally, HUSD’s official twitter account posted about closing several market maker accounts.
“Recently we had the decision to close several account in certain regions to comply with legal obligations, which included some market maker funds,’ the HUSD Twitter account stated the same day. “Due to the difference in bank hours, this caused a short-term liquidity issue but has since been solved.”
At least, the official HUSD Twitter account has not tweeted or made statements since August 18, when HUSD began to depeg from USD.