Cryptocurrency exchange Huobi announced that it will delist HUSD and will no longer support trading in this stablecoin. HUSD will be converted to USDT at a 1:1 ratio.
The exchange’s announcement states that the global delisting of HUSD “is in line with Article 11 of the Huobi Token Management Rules,” which gives the exchange the right to review its project team at any time for reasons it deems necessary.
All open orders for HUSD will be canceled and the corresponding assets will be credited to Huobi users’ spot accounts in the form of USDT at a ratio of 1:1. The delisting will begin on October 28 at 8:00 UTC. The HUSD to USDT conversion is expected to be completed by November 4th.
Huobi launched HUSD in October 2018, but the stablecoin has struggled to survive the tough period in the cryptocurrency market. In August, the HUSD lost dollar parity, faced with liquidity problems and claims from regulators, but later bounced back.
In early October, Huobi announced the sale of a majority stake in Hong Kong-based asset management company About Capital Management. The deal should close by the end of the month. About Capital Management is reportedly owned by Tron founder and former CEO Justin Sun.
Source: Bits
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