Like many other top tier exchanges, Huobi has decided to issue its stablecoin called HUSD. Pledge to the USD in a one to one ratio and released by Stable Universal.
The dollars backing HUSD will be held in reserve by Paxos Trust Company, a fiduciary and qualified custodian regulated by the New York State Department of Financial Services (NYDFS).
Monthly, a top U.S. auditing firm will perform an attestation to ensure USD reserves match the supply of HUSD.
Unlike other stablecoins, Houbi USD has a monthly attestation report. Transparency is a top priority, and anyone can access their report following this link.
HUSD is based on smart-contract technology. Ethereum (ETH) blockchain is where the token is live, with a high degree of decentralization and security.
It’s an ERC20 token, and so, being an on-chain asset, everyone can track the contract and the movements on any Ethereum explorer like this one.
Houbi is making periodical promotions with 0 fee trading fee when using HUSD. Large traders pay attention to these promotions since, without a fee, it’s easier to get a profit in day to day trading.
How to buy it:
StCoins handle the purchase. Following this link, you will be able to start buying Houbi USD. In this same platform, you can redeem/withdraw or exchange your HUSD for USD.
Stable has hired leading U.S. audit firm Withum to conduct a monthly audit of HUSD Token. All USD deposits and withdrawals are securely conducted via a fully regulated U.S. trust company.
Something good about it is that if you have withdrawn HUSD to your account, Stcoins destroys them and credits your account the equivalent amount of USD. You will now be able to transfer to your bank account.
If you are trading on Houbi Exchange regularly, HUSD gives you the advantage to do it in some cases without fees. Also, being a secured and trustful stablecoin, you can protect your funds during volatility periods on this crazy market.
It has been gaining traction, and it is a wise decision to issue it. Stablecoins and other sites have already listed its asset to track their statistics. Every major exchange should follow Huobi’s decision in this aspect.