- HUSD stablecoin coped with the problem of de-pegging
- During the day, its rate jumped by 3.5% and returned to $1
- The reason for the problems was the freezing of some accounts
Yesterday, the stablecoin HUSD lost its peg to the dollar and fell to $0.82 in moments. But in a couple of hours they managed to return parity. Now the asset is trading at $0.99-$1.
The company on Twitter explained the reasons for the problems.
“We recently made the decision to close several accounts in certain regions as required by law, including some market maker accounts. This led to a short-term liquidity problem, but it has already been resolved.”
Huobi also commented. They stated that they coordinated their efforts with the HUSD team because “the security of users’ assets is a priority for Huobi”:
The exchange reminded clients of the volatility of the crypto market and urged them to soberly assess the risks.
Huobi is the custodian of HUSD reserves and the former “owner» of this stablecoin.
After a series of similar incidents, countries may tighten regulation of stablecoins. Japan has already done this – they legalized such assets, but introduced strict rules to protect investors.
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