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Huobi, Seychelles-based crypto exchange, has announced that it will no longer support trades for its native stablecoin, HUSD.

Users who hold HUSD will have their assets auto-converted into USDT – the world’s largest stablecoin – at a 1:1 ratio.

Why delist HUSD?

As per the Thursday announcement, the exchange explained that the delisting is

 “in compliance with Article 11 of Huobi Global Token Management Rules.”

Article 11 gives Huobi Global the right to inspect its project team at any time for necessary reasons.

Meanwhile, the delisting will take effect on October 28th at 8:00 UTC.

Also, the conversion of HUSD into USDT is expected to complete by November 4th (GMT+8).

All open orders for HUSD will be canceled, and relevant assets will be credited to users’ spot accounts in the form of USDT.

About HUSD

HUSD is fiat collateralized stablecoin backed by U.S. dollars and held in Paxos-owned bank accounts.

HUSD currently trades for $0.98, slightly off its ideal dollar mark.

Previously, it experienced a major de-pegging down to just $0.90 in August, but managed to quickly recover back to $1.00 within 12 hours at the time.

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

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