Crypto exchange Huobi removed trading pairs with HUSD token
The coin lost its peg to the U.S. dollar and dropped to $0.84 after announcing it would stop trading with the stabelcoin in pairs to 21 cryptocurrencies
Cryptocurrency exchange Huobi announced the delisting of 21 trading pairs with HUSD stabelcoin. On October 10 at 17:00 NY time, token trading in pairs with USDC, BTC, ETH, HT, DOT, XRP, LINK, BCH, LTC, ADA, EOS, ETC, TRX, CRV, UNI, FIL, ALGO, OMG, AAVE, THETA and DOGE was terminated.
The Seychelles-registered platform ranks 8th by daily trading volume ($488 million) among cryptocurrency exchanges. In 2018, Huobi Global launched the HUSD token, the coin is not algorithmic, secured by reserves in the company's bank accounts.
In an October 10 announcement, the project team asked users who own cryptocurrencies on the published list to pair them with assets other than HUSD. Pending orders in the pair to HUSD will be canceled, the funds will be automatically returned to the client's exchange account, the statement said.
After this announcement was published, the HUSD stabelcoin lost its peg to the U.S. dollar and dropped to $0.84 per coin, according to CoinGecko. After that, the coin briefly recovered, but then began to fall in price again. As of 5:15 p.m. Moscow time, HUSD is trading around $0.95, 5% below the value of the fiat currency it should match.
At the same time, the exchange's other cryptocurrency, Huobi, rose 25% overnight from $4.12 to $5.14. This happened after the evening of October 9 blockchain founder Tron and well-known cryptocurrency advocate Justin Sun announced that he had joined the advisory board (Global Advisory Board) of the exchange Huobi Global. The coin is currently trading around $5.