Key Takeaways
- Huobi said the move was part of their “continuous efforts to offer customers a better trading experience.”
- HUSD lost its parity to the US dollar recently
Leading crypto exchange Huobi delisted 21 trading pairs on October 10. USDC/HUSD, BTC/HUSD, ETH/HUSD, HT/HUSD, DOT/HUSD, XRP/HUSD, LINK/HUSD, BCH/HUSD, LTC/HUSD, ADA/HUSD, EOS/HUSD, ETC/HUSD, TRX/HUSD, CRV/HUSD, UNI/HUSD, FIL/HUSD, ALGO/HUSD, OMG/HUSD, AAVE/HUSD, THETA/HUSD, DOGE/HUSD were the pairs delisted from the platform.
Huobi said the move was part of their “continuous efforts to offer customers a better trading experience.”Following the latest move, Huobi’s support website is now urging users to select other trading pairs for transactions if any of the assets were held. The network also stated that it would cancel any pending orders from these trading pairs.
“Once the trading pairs are removed, pending orders will be canceled automatically, and assets will be automatically returned to your exchange account”, the official statement reads. HUSD, a stable currency pegged to the US dollar, lost its parity with the US dollar recently. The Huobi token went through a depegging process in August this year when “unusual price fluctuations” were detected.
The depegging has resulted in HUSD’s liquidity on the Curve 3pool (3Crv) skewing. Reportedly, Ruly, Huobi’s community manager, claimed within the community that Huobi had relinquished its stake in Stable Universal, which issues HUSD in April this year. Despite its now-terminated association with the stablecoin, Huobi promised to help address HUSD’s liquidity issues and ensure users are not adversely impacted.
Leading crypto exchange FTX had also announced that it will no longer treat HUSD as part of its USD holdings and will cease to accept it as collateral on its platform. Including HUSD, stablecoins as a whole have had a struggling time this year. The Terra protocol crash was central to the overall meltdown in the crypto market, with users/ investors losing million, crypto firms being pushed into bankruptcy and investor confidence significantly shaken.
