1H
0.43%$0.0001
24H
-6.73%$0.0017
7D
-3.94%$0.0010
30D
-6.84%$0.0018
From $1 billion market cap last year, the total market cap of the HUSD stablecoin has dropped to $63 million this year.
The latest decision comes two months after HUSD lost its dollar-peg and tanked nearly 8% in August 2022.
After a depeg following the removal from crypto exchange FTX, the HUSD stablecoin has regained its USD peg. The company clarifies the matter.
Reserve CEO, Nevin Freeman says that stablecoin projects indulge into dubious activities trapping investors funds to artificially inflate demand and thus the market cap of the stablecoins.
HUSD is a secure, reliable, and fiat-collateralized stablecoin. It combines the stability of the US dollar and the efficiency of blockchain technology. Additionally, it provides holders with a tool to reduce volatility when trading in the cryptocurrency market. When designing the project, the development team focused on security, liquidity and convenience. HUSD was created to provide price stability to attract a serious crypto trading audience and simplify interactions with global markets.
Developers announced the HUSD project in 2019. Later, Stable Universal released HUSD in compliance with all required US legal requirements. This organization attracts skilled developers to ensure they provide the safest and most reliable services to end-users. HUSD is issued as an ERC-20 token on the Ethereum blockchain and is backed at a 1:1 ratio by US dollars held in US bank accounts. The HUSD token is held in reserve by the Paxos Trust Company. This measure is essential to provide oversight and support from the regulatory authorities. Every month, a leading US auditing firm conducts tests to ensure that USD reserves are matched against HUSD supplies.
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