The stablecoin HUSD, originally associated with the crypto exchange Huobi Global, lost its peg with the U.S. dollar on Wednesday, August 17, and it dropped even lower in value the following day on Thursday, August 18. On Thursday, Huobi addressed the public on Twitter and the exchange said “we are aware of the current liquidity issues associated with the HUSD stablecoin.” Market data shows HUSD slid to a low of $0.827 per unit on Thursday.
** Editors Note: The last paragraph of this article was edited in order to reflect HUSD’s rebound to $0.99 per unit at 2:35 p.m. (EST).
22nd Largest Stablecoin HUSD Depegs From USD Parity
After the AUSD incident four days ago on August 14, another stablecoin pegged to the value of the U.S. dollar has dropped below USD parity. The stablecoin HUSD, associated with Huobi Global, has shed 16% in value on Thursday after dropping to a low of $0.827 per unit. HUSD’s depegging problem started on Wednesday evening (EST) when the stablecoin slipped to $0.92 per unit.
On Thursday, Huobi Global addressed the public on Twitter and explained that HUSD had some sort of liquidity issues. “We are aware of the current liquidity issues associated with the HUSD stablecoin, which is issued by Stable Universal Limited and built on the Ethereum network,” Huobi wrote. “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,” the exchange added.
Out of more than 13,000 crypto asset market capitalizations, HUSD is ranked #353 and holds the 22nd position in terms of stablecoin market valuations. The coin has a market cap of around $68,801,056
