Huobi Minting of 4.2M HUSD Stablecoin Coincides with 20/4

Huobi Minting of 4.2M HUSD Stablecoin Coincides with 20/4

Singapore-based cryptocurrency exchange Huobi has minted nearly 4.2 million HUSD worth $4.2 million, Cointelegraph website reported.

The process occurred on 20 April, at around 7:30 GMT, according to Whale Alert data.

After its debut in 2018, the stablecoin has not witnessed robust trading activity, but was reactivated on 7 February of this year. Since then, we have seen several Huobi minting movements.   

On that day, the exchange minted around 2 million HUSD. It also minted approx. 1.9 million HUSD in the next day. Another minting of 1 million HUSD took place on 14 February.

 At the end of 2018, the HUSD project was launched as an attempt by the company to get a slice of the stablecoin cake. However, Huobi’s stablecoin stopped minting in early 2019.

Minting coincides with 20/4?

Huobi was trying to boost its stablecoin by joking around with 20 April. However, this was not enough to increase trading volume. Thus, the exchange would need to do more if it wanted HUSD to be a serious competitor. For the time being, the stablecoin’s impact on the market remains marginal.

At the timing of writing the story, Huobi token has dropped 4.67 percent to $3.69, with a market cap of $860.19 million.

Huobi tracks illicit crypto transactions

Huobi has added a new tool designed to track fraudulent activities and suspend suspicious accounts in real time, according to the Daily Hodl website.

The new tool, named “Star Atlas”, detects abnormal purchases instantly, suspends accounts and then makes a follow-up investigation, according to a press release.

The exchange stated that it seeks to fight bad actors globally. In addition, it mainly aims to end a long-held misconception about Bitcoin and cryptocurrencies in general, which criminals would easily exploit.

Huobi Korea ends support for Monero

Huobi Korea has announced delisting Monero (XMR) cryptocurrency trading as of 9 April 2020, due to “low trading volumes and anonymity functions”.

However, the company did not refer to the recent ‘Nth room’ case, as South Korean media claimed that the exploitation ring used Monero to complete anonymous transactions.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.