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Crypto exchange platform Huobi stablecoin has been temporarily detached from the US dollar due to liquidity issues.
Stablecoin HUSD regained its peg, dropping to $0.87 before the liquidity crisis cleared in just hours.
At the time of writing, it is trading at $0.996, up 11% on the day.
according to statement The issue was caused by their decision to close certain accounts, including those of market makers, as a means of complying with regulations. HUSD said it was due to the time difference between bank opening hours.
Recently, in order to comply with legal requirements, we have decided to close some accounts in certain regions, which included some market maker accounts. Due to the time difference, this created short-term liquidity issues, which have since been resolved.
Crypto exchange platforms took action immediately, say it They will work with the coin’s issuer, Stable Universal Limited, to solve the liquidity problems that are bogging down HUSD.
We are aware of the current liquidity issues associated with the HUSD stablecoin issued by Stable Universal Limited and built on the Ethereum network.
Huobi always prioritizes the safety of customers’ assets and will work with HUSD issuers to find solutions and restore stability as soon as possible. ”
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Featured Image: Shutterstock/Cristina Conti
