- While writing this article, HUSD, a stablecoin, is trading at $0.9978 and has attained a hike of 13% in the last 24 hours.
- Huobi intends to receive a Virtual Asset MVP License from Dubai’s Virtual Assets Regulatory Authority.
HUSD stablecoin is trading at its lowest price, although the liquidity problem was solved in just a few hours, and the coin regained its peg.
Huobi is a crypto exchange platform, and its native stablecoin is briefly de-pegged from the US dollar due to severe liquidity problems.
As per data sources of Coinmarketcap, while writing this article, HUSD, a stablecoin, is trading at $0.9978 and has attained a hike of 13% in the last 24 hours.
HUSD stablecoin posted the issue on their official Twitter handle because they decided to close accounts, including market maker accounts, to comply with the regulation. Stablecoin further quoted that time differences in banking hours were the culprit.
Recently, we decided to close several accounts in specific regions to comply with legal requirements, including some market maker accounts. The time difference in banking hours resulted in a short-term liquidity problem but has since been resolved.
On 7th August 2022, Thecoinrepublic reported that Taiyi Group acquired Huobi’s communication tool to explore metaverse.
In another tweet, HUSD Stablecoin’s official Twitter handle quoted, “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 to enter numerous markets.
Australian Transaction Reports and Analysis Centre, on 1st august, granted a permit to Huobi, a cryptocurrency exchange platform, to start crypto exchange services in Australia.
Huobi is achieving many unprecedented milestones, and Huobi secured licenses in the United Arab Emirates and New Zealand, continuing the expansion of its global presence.
According to the amendment proposal in the Anti-money laundering and counter-terrorist financing bill, virtual asset providers will need security and future commission licenses to function in the virtual market.
Moreover, Huobi intends to receive a Virtual Asset MVP License from Dubai’s Virtual Assets Regulatory Authority (VARA). This would enable the company to have a full range of cryptocurrency exchange products and services, revealed Zhang.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/08/20/huobi-native-stablecoin-momentarily-de-pegs-from-us-dollar-due-to-liquidity-issues/