HUSD

Overview

HUSD was a USD-pegged stablecoin issued by Stable Universal Limited and initially backed by Huobi Global exchange. It was designed to maintain a 1:1 peg with the US Dollar through full collateralization with USD reserves.

Current Status

As of late 2022, HUSD has been effectively discontinued. The token lost its peg in October 2022, and Huobi Global announced the delisting of all HUSD trading pairs. Stable Universal Limited has since ended operations related to HUSD.

Historical Purpose and Utility

HUSD was primarily used as a trading pair on Huobi Global exchange and served as a stable medium of exchange for crypto traders. The token aimed to provide a stable USD-equivalent digital asset for trading and value transfer.

Business Model Analysis

The business model involved maintaining USD reserves to back the stablecoin issuance. While the basic concept of a fully-backed stablecoin is permissible from a Shariah perspective, the project's collapse and subsequent abandonment raise significant concerns about its implementation and management.

Development and Platform Activity

There is currently no active development or platform activity, as the project has been discontinued. The token has effectively ceased operations and lost its utility as a stablecoin.