The price of the HUSD stablecoin, which lost its peg before the weekend, has now plummeted to just a third of its targeted value.
This comes after the stablecoin was delisted on Huobi.
The HUSD stablecoin has dropped by 60% over the last few hours and is now worth just $0.30. This comes just days after the stablecoin was delisted from crypto exchange Huobi, which it was associated with. The stablecoin was trading below the peg since Oct. 28 and sat at around $0.76 over the weekend. At 4 a.m. this morning, it sharply plummeted to a low of $0.28 before bouncing slightly.Huobi said on Oct. 27 that it would betoday's significant price drop.Earlier this month, Huobi said that it would be delisting 21 HUSD trading pairs, which caused an initial — but brief — dip in its price. At the time, the stablecoin fell as low as $0.89 before rebounding.ts current custodian is Huobi Trust.
It's unclear why Huobi has made the move to abandon its preferred stablecoin. The only big change the exchange is going through is its sale to Hong Kong-based About Capital Management. News publication Wu Blockchain reported that Tron founder Justin Sun was the"real" buyer behind Huobi Global's stake sale, a claim that Sun© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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