Back

Huobi Treasury Mints 4.2M HUSD in Honor of 4/20

author avatar

Written by
Advertorial

editor avatar

Edited by
Adam James

20 April 2020 13:49 UTC
Trusted

Huobi’s stablecoin has minted another 4,200,000 HUSD. Today also happens to be 4/20, which almost certainly cannot be a coincidence.

Huobi is issuing more and more of its stablecoin — and it just issued $4.2M in honor of today’s little ‘holiday.’

As Whale Alert (@whale_alert) reported, the stablecoin was issued earlier today.

Hsaka (@HsakaTrades) noticed the funny coincidence and many others decided to join in the joke.

Sponsored
Sponsored

Huobi’s stablecoin was relatively quiet for some time, but it once again began issuing fresh HUSD in February. However, the stablecoin is behind larger exchange-backed competitors like Binance USD (BUSD).

Huobi Blockchain Phone

The March bloodbath has shaken up the market and some exchanges gained trading volume while others suffered. As BeInCrypto reported, Bitcoin futures markets saw a reshuffling of top exchanges. Binance now leads the market with the highest trading volume — with Huobi close behind.

The exchange has also been following Binance’s footsteps in helping coronavirus victims, as well. The exchange pledged 10 million yuan to help those affected by the virus. That’s around the same amount Binance also pledged.

Huobi has been trying to popularize more trading of its HUSD stablecoin, but adoption for it remains low. At the time of writing, Huobi USD boasts a market capitalization of $148M but a trading volume of just $20M. By comparison, Binance USD (BUSD) has a market capitalization of $203M and double the trading volume.

Maybe Huobi was looking to boost the profile of its stablecoin by joking around with 4/20. However, that’s not going to be enough to boost trading volume. Huobi will need to do much more if it wants HUSD to be a serious contender and, for now, its influence on the market remains marginal.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.