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HUSD Depegged 2022 | Huobi StableCoin

HUSD Stablecoin

HUSD Depegged -:

HUSD is a stable coin , but it was de-pegged last night i.e , it's value dropped to 84 cents , to which Huobi team tweeted out 2 tweets  -:

"Huobi has always prioritized the safety of our customers' assets, and will work together with HUSD's issuer to find a solution and restore its stability as soon as possible."

"We are aware of the current liquidity issues associated with the HUSD stable coin, which is issued by Stable Universal Limited and built on the Ethereum network."

De-pegged means that a stable coin has gone below 1$ , which was supposed to be equal to 1 US $ .

HUSD Price -:

HUSD price which went to as low as 84 cents last night has started to show progress , after the team tweeted -:

"After Huobi's active coordination with the issuer of HUSD,  the liquidity issues of the stable coin have been resolved. Huobi has always prioritized the security of users' assets and we thank our loyal users for their support and trust."

Now the HUSD price stands at 0.9916 $ at the time of writing this blogpost . Now this is a 10.26% rise in price in 24H but it is still not 1 US Dollar which it is supposed to be a stable coin .

Huobi team also tweeted  -:

"Given the recent volatility in the cryptocurrency market, we advise our users to pay close attention to and be aware of potential risks."

What is HUSD Crypto ?

HUSD is a stable coin founded by Huobi and stable universal that is fully collateralised by U.S. dollars. HUSD is a multi chain stable coin that's fully backed by and 100% redeemable for U.S. dollars. HUSD entered the market place so it could be traded across Huobi's exchange. The idea behind HUSD was to combine 4 existing stable coins, namely Paxos Standard , True USD , USD coin and Gemini dollars. Any of the four stable coins could be deposited into a user's huobi account, and those stable coins would be converted into a proportionate amount of HUSD. It simplifies trading pairs . In July 2019 stable Universal a Huobi funded startup launched HUSD as an ERC-20 token on Ethereum with Paxos serving as its custody partner . HUSD is not mind or state like traditional cryptocurrencies. Instead it is minted as needed and according to the real assets that backend in independent US accounting firm conduct audit of the US dollar reserves to assure holders of the stable coins authenticity audits are carried out on a monthly basis to ensure that each HUSD is backed by proportionate amount of U.S. dollars in a one to one ratio . HUSD can be redeemed for U.S. dollars using stable universal users simply need to create an account on the platform and login. Then they can link their bank account, fill in the required information, select a withdrawal method and amount, and submit their U.S. dollar withdrawal order. HUSD is an ERC 20 token on the Ethereum blockchain. However, HUSD is also supported on the NERVOS blockchain using the SUDT technical standard IOST , Is also able to run HUSD .

How HUSD Works -:

HUSD aims to save cost when switching between stable coins and eliminate the need to choose between stable coins, if it is possible, it's made of any of this table coins it automatically converts to HUSD. Users can withdraw the rate USD as any of 4 supported stable coins. For example, a deposit of one paxos  standard token will show as one HUSD in your account. You can then choose to withdraw your one HUSD, as any of the one above mentioned 4 coins. There is no cap on how many HUSD that stable universal can generate. These tokens are only created when dollars are deposited. When the token is redeem for cash, the token is destroyed. This stabilizers the price because the number of tokens and circulation will always equal the number of dollars in reserve. 

That is all for today's blog-post . If you plan on sticking around for more interesting blogpost like this please pay a visit to cryptolibrarynow by clicking on the link below -:

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Roadmap to Perfect Cryptocurrency .

Chainlink Update .

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