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HUSD
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HUSD
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About HUSD

The price HUSD today is 1.00 USD, and the trading volume in 24 hours - 365,020,756 USD. The crypto asset has grown by 0.02% over the day. Currently, the coin’s market capitalization is 551,984,092 USD, and has 551,925,036 coins in circulation with the max supply of 551,925,036 coins HUSD.

What is HUSD (HUSD)?

HUSD is a 1: 1 US dollar pegged stablecoin launched by Huobi Global in October 2018. It was developed as a universal stable coin for maximum stability and released as an ERC-20 token on the Ethereum blockchain.

A stable coin is a digital asset that is backed by real value, such as a fiat currency or commodity, to hedge the risk of downward volatility that is common to many cryptocurrencies, such as Bitcoin or Ethereum. This price instability can hinder mass adoption. As a result, companies do not want to allow this level of risk when performing transactions with cryptocurrencies.

HUSD Huobi supports four existing stable coins: Paxos Standard, Gemini Dollar, USD Coin, and True USD. It combines these coins into a single token to provide efficiency and convenience for its users, and allows them to make deposits and withdrawals in any of the supported stable coins.

What makes HUSD unique?

As an integrated solution focused on multiple stablecoins, HUSD aims to reduce costs when switching between stablecoins and eliminate the need to choose between stablecoins. If the deposit is made from any of the stable coins, it is automatically converted to HUSD. Users can then withdraw their HUSD as any of the four supported stable coins. 

For example, a deposit of one standard Paxos token will be displayed in the account as one HUSD. You can then withdraw your one HUSD as a Paxos Standard, Gemini Dollar, USDC, or True USD token.

How many HUSD coins are in circulation?

There is no limit on how much HUSD Stable Universal can generate. These tokens are created only when depositing dollars. When the token is exchanged for money, the token is destroyed. This will stabilize the price, and therefore the number of tokens in circulation will always be equal to the number of dollars in reserve.

As of February 2021, there were 488,790,570 HUSD coins in circulation.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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