Huobi USD (HUSD) is a fiat-tied ERC-20 token that is 1:1 pegged to the US dollar. It is the creation of Huobi Global, a well-known digital trading organization that offers secure, dependable, and fiat-collateralized crypto services. HUSD combines the dependability of the US dollar with the efficiency of blockchain technology.
It also gives holders a tool for reducing volatility when trading on the cryptocurrency market. The development team concentrated on security, liquidity, and ease when building the project. HUSD was intended to guarantee price stability and facilitate interactions with global markets to attract a serious crypto trading audience.
In 2019, developers launched the HUSD initiative. Stable Universal later distributed HUSD following all US legal standards. This business organization recruits skilled programmers to ensure that end-users receive the safest and most dependable services possible. The Paxos Trust Company has the HUSD token in reserve. This measure is necessary to ensure that the regulatory authorities provide oversight and support. A renowned US auditing firm conducts tests every month to guarantee that USD reserves and HUSD supplies are aligned.
The HUSD token (a mix of Huobi and USD) is traded on the Huobi Global exchange platform and can be converted into one of four stablecoins: PAX, TUSD, GUSD, or USDC. The all-in-one stablecoin solution allows investors to deposit and withdraw stablecoins.
Who are the Founders of Huobi USD (HUSD)?
Stable Universal’s renowned founder and CEO is Frank Zhang. Stable Universal is based in Hong Kong’s Central District and operates in the Financial Services industry. Zhang previously worked as a BSA Officer, AVP at the Bank of China (New York).
Another member of the HUSD team is Claude Gu. Senior Overseas Operations Manager is his title at Stable Universal. Gu earned an MA in new media from Hong Kong Baptist University, where he studied digital and graphic communication. In 2016, he worked for SAME SAME as a Senior Digital Account Executive. In 2018, he worked at Lenovo (Beijing) on Corporate Social Media Operations before joining Stable Universal in 2020.
HUSD’s final founder is Shi Deng. At Stable Universal, he is the designated BSA Officer and Compliance Director. Deng received his A-level education at Fudan University and Fordham University (Master of Laws). In the year 2019, he joined Stable Universal.
Stable Universal Limited, Paxos Trust Company, and Huobi announced the currency in November 2018 as a holistic solution. HUSD was created by combining four stablecoins — Paxos’ PAX, TrustToken’s TUSD, Circle’s USDC, and Gemini’s GUSD — under one ticker for user convenience.
Huobi changed it from a stablecoin basket to a standalone, USD-backed stablecoin in July 2020. Paxos is securing the cash that will support the HUSD. Stable Universal provides smart contract audits and controls on-chain Huobi USD transactions in collaboration with other firms.
What is Huobi USD Used For?
HUSD, like many other stablecoins, was created to attract a more mature audience and be accepted more easily by global markets. The HUSD can also be used to pay for products and services.
What is the Unique Point of Huobi USD (HUSD)?
The HUSD team is dedicated to creating a secure and interoperable stablecoin that is linked to the US dollar. Stablecoins are a rapidly growing niche that could be the missing component in broad crypto acceptance, according to the developers.
The Huobi Global exchange first listed the HUSD currency in 2018. Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollars (GUSD) were the four stablecoins that were combined into one HUSD currency. Users, on the other hand, were hesitant to trade in HUSD since the token pricing appeared to be a mystery to them. Huobi decided that the stablecoin should be independent of the exchange. The ERC-20 HUSD stablecoin was secured in 2019 via Stable Universal and Paxos. Huobi has since switched from the previous stablecoin to a new, universal one.
HUSD is a cryptocurrency based on the Ethereum network. HUSD is an ERC-20 token, which means it may be used in Ethereum-based applications. When a user needs to redeem HUSD, they send tokens to the Stable Universal-controlled address. Tokens are converted into fiat currency and sent to the user’s bank account there (through Paxos). HUSD can now be used as a substitute for fiat currencies by dealers and exchanges.
HUSD distinguishes itself through the following features:
- Paxos Trust Company holds every dollar backing the HUSD coin in reserve. This signifies that the HUSD token satisfies the industry’s recognized stablecoin standards.
- It is fully connected with Huobi Global, one of the most well-known and liquid cryptocurrency exchanges.
- The platform uses a service developed by Stable Universal for quick and easy login (and logout). You may effortlessly purchase and redeem HUSD tokens with its assistance.
How Many Huobi USDs (HUSD) Are There in Circulation?
HUSD is an ERC-20 token that is tied to the US dollar at a 1:1 ratio. There were 555,449,408 tokens produced and in circulation as of June 2021. The entire supply of HUSD is backed by fiat money stored in the Paxos reserve. Cash is transferred to the reserve and returned if a request for the purchase (or redemption) of HUSD tokens is made.
Stable Universal is the sole entity that has the ability to influence HUSD token turnover. When customers deposit fiat dollars into a Paxos account, the organization issues tokens. Stable Universal destroys tokens when they are redeemed for fiat deposits in Paxos bank accounts.
HUSD uses a reserve confirmation technique to provide full collateral to demonstrate the system’s solvency. Furthermore, Stable Universal produces reports proving the existence of the dollar reserves that allow the tokens to circulate. The HUSD token can be used to purchase a wide range of goods and services.
How Is the Huobi USD (HUSD) Network Secured?
HUSD is an Ethereum-based coin with a high degree of decentralization and security. Stable Universal has enlisted the help of industry experts to provide users with secure and dependable services.
ERC-20 smart contracts provide the instructions for HUSD transactions. By relying on the safe and well-tested blockchain network, this feature eliminates the need for third parties. Furthermore, you should have no trouble trading tokens because Ethereum supports a large variety of exchanges and wallet applications.
Monthly audits of HUSD are undertaken by an independent US audit firm, SlowMist, to ensure that the 1:1 backing is maintained, and the platform adheres with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
Where Can You Buy HUSD?
HUSD has been listed on several crypto exchanges, however, unlike other major cryptocurrencies, it cannot be purchased directly with fiat currency. However, you may still buy this coin by first purchasing Bitcoin, Ethereum, USDT, or BNB on any significant exchange, such as Binance or KuCoin, and then transferring to an exchange that trades HUSD. In this post, we will walk you through the methods to purchase HUSD in detail. Before compiling a complete list, keep in mind that each exchange has its own set of costs and KYC criteria.
- Open an account with the crypto trading platform
- Transfer the specific amount of fiat currency to your account
- Wait for the deposit to be confirmed and buy HUSD through the trading account
Which Cryptocurrency Wallet Supports Huobi USD (HUSD)
The PTPWallet platform supports many cryptocurrencies simultaneously such as Huobi USD. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Huobi USD wallet because offers a simple and interactive interface making it easy for people to navigate its system.