Huobi Treasury Minted 4.2 Million Stablecoin Today
Huobi continues to issue more of its stablecoin. Today, 04/20, Huobi’s stablecoin minted another 4.2 million HUSD.
Whale Alert reported that the stablecoin was issued earlier today:
“4,200,000 #HUSD (4,200,000 USD) minted at HUSD Treasury Tx: https://whale-alert.io/transaction/ethereum/b271523007cd8bc5cc1aa9779318dd331e193bfb5a0dee2a345cb8133d6575d6”
Based on today’s date, it seems it is not a coincidence that it minted such an amount of stablecoin. The $4.2M stablecoin was issued in honor of today’s little ‘holiday.’
Huobi’s stablecoin has been kind of quiet for some time, but it once again started the issuance of new HUSD in February. Nevertheless, its competitors such as Binance USD are still leading. Binance is currently the market leader with the highest trading volume, followed by Huobi.
The market crash which happened last month shook the market thereby leading to increasing trading volumes for some exchanges while others suffered. The crash also led to the reshuffling of leading exchanges in Bitcoin futures markets.
When it comes to the provision of aids to COVID-19 victims, Huobi has been helping people like Binance. Huobi pledged 10 million Yuan (close to the sum pledged by Binance) towards helping the individuals affected by the virus.
Despite Huobi’s efforts to increase the popularity of its stablecoin, its adoption is still low. At press time, the exchange’s market cap was $148M while its trading volume was $20M. Comparably, the market cap of Binance USD (BUSD) was $203M while its trading volume was double.
Perhaps the reason for minting 4.2 million stablecoins on 4/20 is to enhance HUSD profile. Nevertheless, this might not be sufficient in enhancing its trading volume.
At the moment, the influence of the stablecoin on the market is still marginal. Hence, it is necessary for the exchange to put in more efforts to make HUSD more relevant and become a solid competitor.
Featured image courteys of Shutterstock. Source: Cryptopress.