Recent data according to CoinMarketCap shows that the HUSD stablecoin has fallen massively from its $1 peg, falling to as low as $0.32 following the delisting from crypto exchange Huobi on Friday of last week.

At the time of writing, the price of HUSD is trading at $0.323073 USD with a 24-hour trading volume of $1,424,702 USD. The HUSD stablecoin is down 56.59% in the last 24 hours, ranking 292nd, with a live market capitalization of USD 71,913,967, according to CoinMarketCap.

The once-popular stablecoin had been trading below parity since Oct. 28 and held its value at around $0.76 over the weekend. On Monday morning, October 31 at 4am, the stablecoin crashed sharply to a low of $0.28 before bouncing slightly.

Huobi delisted HUSD on Friday, Oct. 28, and subsequently converted user assets into stablecoin Tether (USDT), according to an announcement carried by the exchange on Thursday, Oct. 27. Huobi stated that users can still trade HUSD tokens for tether (USDT), the largest stablecoin in the industry by market cap.

It’s unclear why Huobi decided to drop their preferred stablecoin, but it appears that the exchange simply doesn’t prioritize stablecoin anymore. According to an update on Thursday, Huobi detailed that it is “delisting HUSD pursuant to Article 11 of Huobi’s Global Token Management Rules.”

The termination and delisting period began on Friday in the middle of the delisting period that runs through Friday, November 4, 2022. Huobi customers will see their HUSD automatically converted to tether (USDT) at a rate of 1: 1, the trading platform said.

Huobi is not the issuer of the HUSD stablecoin, but has been active in trading the token since its launch in 2018. Huobi first introduced HUSD on October 19, 2018, though Hong Kong-based firm Universal Stable , was in charge of the broadcast. and stablecoin management.

The delisting of HUSD and automatic conversions to USDT follow Binance’s move to automatically convert three different stablecoins into BUSD.

In early September, Binance announced that its users would perform a conversion of balances in three stablecoins USDC, USDP, TUSD into its own currency BUSD. The exchange said the move was designed to improve liquidity and capital efficiency for users.

Automatic conversion started on September 29 and now user balances are automatically converted to BUSD. The action effectively removed the stablecoin USDC, which is the second largest stablecoin with a market capitalization of $43.9 billion (vs. $69.10 billion for the first USDT) from the tradable assets on the platform. from Binance. Wazirx has also opted for automatic conversion of its users’ stablecoin assets into BUSD.

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