Crypto exchange Huobi Global will stop trading in its HUSD stablecoin and delist the token on Friday 8 a.m. UTC (Friday 4 p.m. Hong Kong time), according to an announcement by the exchange.

See related article: Crypto exchange Huobi Global announces advisory board

Fast facts

  • HUSD assets held by Huobi users will be converted into USDT at a ratio of 1:1 after the delisting, the exchange said, adding it expects the conversion to be completed by Nov. 4 in Hong Kong.
  • The delisting is planned for “our continuous efforts to promote the healthy development of the blockchain ecosystem,” Huobi Global said in the announcement.
  • The price of HUSD dipped to US$0.94; as of 10 a.m. Hong Kong and recently traded at US$0.97, according to CoinMarketCap. The stablecoin has mostly traded at less than US$1 since its depeg from its 1:1 conversion ratio to the U.S. dollar in August.
  • HUSD was first issued by Huobi Global in 2018. In 2019, HUSD’s issuer was changed to a Huobi Capital-backed startup named Stable Universal, with Paxos as its custody partner.
  • In October, Huobi Global was acquired by About Capital, a Hong Kong-based asset management firm.
  • Huobi Global had not responded to Forkast’s request for comment at press time.

See related article: Justin Sun, SBF again deny involvement in Huobi Global sale