HUSD Coin is an altcoin cryptocurrency designed to be more secure, liquid, and highly available, combining the stability of the US dollar with the efficiency of blockchain technology.
What is HUSD? How does it work?
The HUSD Protocol and its native token HUSD have taken their place in the crypto money world as a stable coin issued by Stable Universal and fixed at 1:1 USD. At first, the coin was listed on Coin Market Cap on January 15, 2019, as a new stable coin. It got a place on the Huobi Global cryptocurrency exchange; it continues to be traded on many exchange markets. Its design aims to provide reliability to its users and customers and adopt the principles of transparency in service while being investor-friendly with stable price levels.
History of the HUSD Coin
HUSD’s first issuing date was October 2018. At first, it was a stablecoin and established through the Houbi global exchange market. Users of the HUSD Coin could deposit and withdraw any of the four including stablecoins in their Huobi account, which got integrated and introduced as HUSD Coin.
Customers were not interested in using HUSD because its pricing was vague and not transparent. Huobi experts decided to make some changes, so they planned to own an independent exchange. So in July 2019, they launched a new ERC-20 HUSD stablecoin. Since then Huobi has transferred its old stablecoin to the new Stable Universal backed ERC-20 HUSD stablecoin.
Why should we choose the HUSD Coin?
It is among the statements of coin developers that it can be preferred because it is fixed to 1:1 USD and has an ERC-20 base. The coin’s design was to be easily monetized and developed as a tool to reduce price volatility as its users participate in the cryptocurrency market.
It entrusts monthly audits and approvals to its independent companies. There are different reports of approval available on their site. Being built on the Ethereum Blockchain network, it also offers a high degree of decentralization and security.
Stable Universal is the issuer of the HUSD Coin. The supporters of the HUSD prepared it by USD at a ratio of 1:1. They hold the users’ funds, all deposits, and withdrawals by a regulated trust company. Stable Universal and Stcoins never directly trade any client assets.
Which wallets support HUSD Coin?
HUSD can be stored in about 10 wallet apps and platforms. These wallets are reliable and convenient to store HUSD coins, working with an ERC-20 base.
What stablecoins are under the support of HUSD?
HUSD launchers decided to support four existing stablecoins under the supervision of the HUSD: PAX, GUSD, USDC, and TUSD.
- Paxos Standard (PAX). A blockchain company in New York introduced Paxos Standard. This stablecoin is a USD collateralized stablecoin, which is under the regulation and approval of the New York State Department of Financial Services. It is an ERC-20 token, and users can buy and hold PAX tokens with no difficulty. Paxos spread quickly with exchange markets such as Binance, OKEx, Kucoin, and Gate.io.
- True USD (TUSD). Trust Token is a new platform. It is pegged 1:1 with USD, and it is the first stablecoin of the project and the flagship token of the mentioned platform. True USD uses third-party accounts to allow Trust Tokens for its functioning. If customers have complete KYC and AML requirements, they can buy TUSD.
- Gemini Dollar (GUSD). This stablecoin was introduced by the Gemini cryptocurrency exchange market.
- Gemini Dollar (GUSD) is an ERC-20 stablecoin that allows users to transact via the Ethereum network. The GUSD allows exchanging with other cryptocurrencies on other exchange markets for different trading pairs.
- USD Coin (USDC). The USD stablecoin is under the control of Circle Group and the Open Source Consortium Centre. The USD Coin is a 1:1 USD-backed stablecoin that is currently operating on different exchange markets. The coin tries to tokenize USD to allow seamless transfer value on blockchains.
Some reviews on HUSD Coin
Singapore-based cryptocurrency exchange Huobi has announced that it has launched its solution, which it calls HUSD, a type of Stable Coin.
The project, known as HUSD, is a type of Stable Coin that investors can use to interact with the four US dollar-backed Stable Coins currently listed on the exchange.
As blockchains and cryptocurrencies became more widespread, the number of people who wanted to access these investment vehicles increased; however, they had to find new ways to flow liquidity to exchanges. Although there were various solutions within the country in the first place, the conditions of the traditional financial market were not sufficient for such a global market.
The solution to this liquidity problem again came from the blockchain. In return, cryptocurrencies with a one-to-one US dollar reserve replaced currencies on the exchange markets.
HUSD, on the other hand, is a product of the trend of crypto money exchanges to create their own stable crypto money solutions. HUSD is an ERC20 cryptocurrency running on the Ethereum network, with PAX creator Paxos Global being the chief developer of Huobi.
The HUSD Token is generated by Stable Universal and backed by a 1:1 rate dollar held in a US trust company.
What are the risks of holding an HUSD Coin?
Since the coin is a stable coin, it is not a coin preferred by investors. Because as it is known, stable coins, as the name suggests, are known as coins whose price levels are within a distinct range and do not have sudden outflow and decline accelerations. These coins often act like traditional financial coins that users use for barter transactions or other commercial transactions. Therefore, it is not considered an investment vehicle. However, due to its stable price level, it is possible to perform it safely in every transaction to be made with the coin, without leaving any question marks in mind.
