There is stablecoin and unstable coinand why not unstablecoin. Lately, we have seen the collapse of a few so-called stablecoin projects. And that worries investors. The news about Huobi’s HUSD de-peg will only add fuel to the fire.
HUSD, towards a USD bis scenario?
At the end of the afternoon, Watcher Guru shares information about the de-peg of the HUSD. Here is what he posted on his Twitter account:
” The stablecoin on the Huobi $HUSD exchange had broken away from the US dollar and is trading at $0.85. »
This $0.85 is indeed the current price of the HUSD stablecoin against USDT, USDC and DAI. A turnaround that Curve Finance associated with a “ exchange rate too low “.
But today, an 8% drop was seen in the price of HUSD: at 4:08 p.m., the price of the unit was $0.8738. To say that yesterday, August 17, it was trading at 0.9234 dollars.
It should be noted, however, that corrections had taken place in the morning, but this did not allow the HUSD to regain its peg against the dollar.
Except that at the time of writing this post, the peg to the dollar has returned to normal. HUSD is now trading at $0.9979 per coin.
What would be the origin of this de-peg?
Surely, FTX’s removal of its supporting USD stablecoin basket has something to do with it. This happened 15 days ago. At the time, FTX posted this message on their blog:
” Users will be able to deposit and withdraw HUSD if they wish; in doing so, they will interact with separate HUSD balances, not USD balances. HUSD deposits will not count against USD balances and will not serve as collateral. »
A message that did not bode well. Especially after Huobi highlighted the HUSD stablecoin’s liquidity issue and decided to pull out of the project last April.
After UST, aUSD, MIM and USDD – which is currently trading far from $1, the collapse of stablecoins seems unstoppable. One by one, these projects fall into the water to the point of raising doubts among investors and observers alike. To meditate !
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