HUSD is issued by Stable Universal, with a 1:1 USD peg.
- What is HUSD?
HUSD Token is issued by Stable Universal, with a 1:1 USD peg. Paxos Trust Company will act as the USD asset custodian, and HUSD Token will be subject to a monthly attestations.
- How was HUSD Launched?
HUSD first launched in October 2018 as a stablecoin solution available on Huobi Global exchange. The solution aimed to aggregate four stablecoins including Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD), into one token, HUSD, that could be traded accross Huobi’s exchange. Users could deposit and withdraw any of the four stablecoins in their Huobi account, which appeared as an HUSD balance.
However, Huobi observed that customers did not want to trade using HUSD because its pricing was not transparent. Furthermore, seeing issues with Tether, Huobi wanted its stablecoin to be independent of its exchange. In July 2019 a Huobi Capital-backed startup named Stable Universal launched a new ERC-20 HUSD stablecoin, using Paxos as its custody partner. Huobi has since transitioned its old stablecoin to the new Stable Universal backed ERC-20 HUSD stablecoin.
- Who is the Team behind HUSD?
A Huobi Capital-backed startup named Stable Universal is the team behind HUSD, using Paxos as its custody partner.