Huobi Global bids farewell to HUSD – Tether (USDT) returns to the scene

HUSD is certainly over – Huobi Global is delisting its stablecoin, HUSD, about two months after showing signs of weakness in its price.

HUSD suspends support for Tether

In a press release on October 27, Huobi Global announced that it would stop trading services related to HUSD and remove the stablecoin from the list of listed tokens. The cryptocurrency exchange justified this decision by referring to Article 11 of its token management rules.

This entry is about the “periodic inspection” rule. It stipulates that “Huobi Global has the right to conduct regular or random inspections of the project team”, including but not limited to the commitments in the white paper, as well as reviewing security technical specifications, or changes in core team members.

By invoking Article 11, Huobi Global does not actually provide any specific clues that would allow its users to really understand the situation.

Still, stablecoins took some hits in August. It fell 8% against the dollar after its issuer closed numerous accounts due to regulatory concerns.

The divestiture of trading services and the withdrawal of HUSD took effect on October 28 at 08:00 UTC. Open HUSD orders must be cancelled by this date. The HUSD held will be converted into Tether (USDT) at a ratio of 1:1, which should be completed before 8:00 UTC on November 4th.

The exit from HUSD comes just over two weeks after the founder of Huobi Global sold all his shares to Tron founder Justin Sun.

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The post Huobi Global Says Goodbye to HUSD – Tether Returns (USDT) to the Field appeared first on Journal du Coin.

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