HUSD

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Discover HUSD's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is HUSD?

HUSD is a fiat-collateralized stablecoin pegged to the US dollar, offering a secure and reliable means of transacting on blockchain while mitigating price risk. It is fully backed by cash reserves held in US bank accounts and issued as an ERC-20 token on the Ethereum blockchain, ensuring a 1:1 ratio with the US dollar.

How is HUSD used?

HUSD (Huobi USD) is a stablecoin that offers the benefits of blockchain-based transactions while minimizing price risk. It is primarily used for several purposes:

  • Payment for Goods and Services: HUSD can be used to pay for various products and services, providing a stable and reliable means of exchange.
  • Trading and Investment: As a stablecoin pegged to the US dollar, HUSD is attractive to investors seeking to mitigate market volatility. It can be traded on exchanges and used as a hedge against other cryptocurrencies.
  • Interoperability: HUSD is an ERC-20 token, making it compatible with Ethereum-based applications. This allows users to seamlessly integrate it into their existing cryptocurrency ecosystems.
  • Redemption: Users can redeem HUSD tokens for fiat currency, which is backed by reserves held at Paxos Trust Company. This ensures a 1:1 exchange rate, maintaining the stability of the token.

Overall, HUSD aims to provide a secure, reliable, and efficient means of transacting with blockchain-based assets while maintaining a stable value tied to the US dollar.

How do I store HUSD?

To store HUSD tokens securely, you can use a variety of wallet options. Here are some steps and considerations to keep in mind:

Creating a Wallet
  1. Guarda Wallet: Download the Guarda app from the Apple AppStore or Google Play, or install a desktop wallet. Create an account, set a strong password, and save your wallet backup. Then, create a wallet and add your HUSD tokens.

  2. Bitget Wallet: Tap on Wallet on your homepage and select HUSD via the mainnet list on the top right-hand corner. This will create a Web3 wallet for HUSD.

Cold Wallets

For maximum security, consider using "Cold Wallets," which are offline and not connected to the internet. There are two types of cold wallets: hardware and paper wallets. These wallets are not vulnerable to online attacks and are ideal for long-term storage.

Key Considerations
  • Non-Custodial Wallets: Choose wallets that are non-custodial, meaning you hold your own keys and have full control over your funds. This ensures that no one else has access to your private information.
  • Security Features: Look for wallets with robust security features such as fingerprint authorization, PIN codes, and backup files to protect your assets.

By following these steps and considering the security features, you can safely store your HUSD tokens.

How to buy HUSD?

To buy HUSD (HUSD) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports HUSD, such as Coinbase Wallet, MetaMask, or TrustWallet. Ensure the wallet is compatible with your preferred payment method and policies. Download the wallet extension or app from the relevant store.

  2. Set Up Your Wallet: Create an account, provide personal information, and set a strong password. Note down the Secret Recovery Phrase or Seed Words carefully, as they serve as a precautionary measure in case you lose access to your wallet.

  3. Buy a Base Currency: Choose a cryptocurrency exchange platform and buy a base currency, such as Bitcoin, Ethereum, or Tether. This will be used to trade HUSD. Ensure the exchange supports the base currency you choose.

  1. Transfer Funds to Your Wallet: Withdraw the base currency from the exchange to your crypto wallet. Log into your exchange account, provide your wallet address, and specify the amount to transfer. Wait for the funds to appear in your wallet.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet, such as Pancake Swap or 1inch. Compare trading fees and liquidity before making a choice.

  3. Buy HUSD with Your Base Currency: Connect your wallet to the DEX and select HUSD from the list. Enter the amount you want to trade. If HUSD is not listed, use a blockchain explorer like BscScan or Etherscan to find the smart contract address and paste it into the DEX.

  1. Store Your HUSD Safely: For long-term storage, consider using a cold wallet like a paper wallet or hardware wallet to ensure maximum security.
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History of HUSD

HUSD, a stablecoin pegged to the US dollar, was launched in 2018 as an integrated solution on the Huobi Global exchange. Initially, it was designed to help users manage multiple stablecoins, including Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollars (GUSD). Users could deposit any of these stablecoins, which would be shown as HUSD in their accounts, and then withdraw any of the supported stablecoins.

In July 2019, Huobi upgraded the HUSD solution, transitioning it from a stablecoin basket to an independent, USD-pegged stablecoin, HUSD Token. This new token was issued by Stable Universal and backed by US dollars held in US bank accounts at a 1:1 ratio. Paxos Trust Company acted as the custodian for these USD assets, ensuring the stability of the token through monthly attestations.

During the upgrade process, users were given the option to transition their existing HUSD holdings to any of the other supported stablecoins or to continue holding HUSD, which would be upgraded to the new HUSD Token. After the transition period, all remaining HUSD was upgraded to the new token, and trading pairs for PAX/HUSD, TUSD/HUSD, and USDC/HUSD were launched on Huobi Global.

Since its upgrade, HUSD has been fully backed by cash reserves and operates on the Ethereum blockchain as an ERC-20 token. This ensures that each HUSD token can be redeemed for one US dollar, providing a stable and reliable store of value for users.

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How HUSD works

HUSD (HUSD) is a stablecoin designed to provide price stability by pegging its value to the US dollar. Here's how it works:

Creation and Backing

HUSD is issued as an ERC-20 token on the Ethereum blockchain. It is backed by a 1:1 ratio of US dollars held in US bank accounts, ensuring that every HUSD token in circulation is matched by an equal amount of US dollars in reserve. This reserve is managed by the Paxos Trust Company, which provides oversight and support from regulatory authorities.

Security and Auditing

HUSD transactions are secured by the Ethereum blockchain and follow the instructions of ERC-20 smart contracts. This eliminates the need for third-party intermediaries and ensures that all transactions are supported by a robust and tested blockchain network. Additionally, HUSD is audited and secured by SlowMist, and the platform complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Supply and Circulation

The total supply of HUSD is backed by fiat currency held in the Paxos reserve. When users deposit fiat currency into a Paxos account, Stable Universal issues HUSD tokens. Conversely, when tokens are redeemed for fiat deposits in Paxos bank accounts, Stable Universal destroys the tokens. This ensures that the number of tokens in circulation always equals the number of dollars in reserve.

Use Cases

HUSD can be used to pay for various goods and services. It is also designed to simplify interactions with global markets by providing a stable store of value. Users can deposit and withdraw HUSD as any of four supported stablecoins: PAX, TUSD, GUSD, and USDC.

Wallet Management

HUSD can be stored and managed using non-custodial wallets like Guarda, which offers online, mobile, and desktop applications. Users have full control over their funds and can easily buy, send, receive, and store HUSD securely.

Purchasing HUSD

HUSD can be purchased through centralized exchanges or decentralized exchanges (DEXs) that support the Ethereum blockchain. Users can follow a step-by-step guide to buy HUSD by connecting their crypto wallet to a DEX and using their base currency, such as ETH, to acquire HUSD.

Overall, HUSD is designed to provide a reliable and efficient way to interact with the cryptocurrency market while minimizing volatility risks.

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HUSD's strengths

The token HUSD (HUSD) has several strengths that make it a reliable and attractive option for investors and users:

  1. Fiat-Collateralized: HUSD is fully backed by cash reserves held in US bank accounts, ensuring that each token is pegged to the US dollar at a 1:1 ratio. This collateralization provides stability and mitigates price risk, making it an attractive option for those seeking to reduce volatility in the cryptocurrency market.

  2. Security and Transparency: HUSD is built on the Ethereum blockchain, utilizing ERC-20 smart contracts to ensure secure transactions. The token is also audited by SlowMist and complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, providing an additional layer of security and transparency.

  3. Liquidity and Convenience: HUSD is designed to provide liquidity and convenience, allowing users to easily convert their tokens to other stablecoins like PAX, TUSD, GUSD, and USDC. It is also listed on the Huobi Global exchange platform, making it accessible to a wide range of users.

  1. Regulatory Compliance: HUSD is issued in compliance with all required US legal requirements, and its reserves are held by the Paxos Trust Company, ensuring regulatory oversight and support.

  2. Monthly Audits: A leading US auditing firm conducts monthly tests to ensure that USD reserves are matched against HUSD supplies, providing an additional layer of transparency and assurance.

These strengths make HUSD a reliable and secure stablecoin that offers users a stable store of value and a convenient means of transacting within the cryptocurrency market.

HUSD's risks

HUSD (HUSD), a cryptocurrency, carries significant financial risks. The risk gauge rank for HUSD indicates that it is currently a high-risk investment. This means that financial instruments involving HUSD may not be suitable for all investors and may result in substantial losses.

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Did HUSD raise funds?

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HUSD’s team

  • Frank Zhang: Founder and CEO of Stable Universal, the organization behind HUSD. He previously worked as a BSA Officer, AVP at the Bank of China (New York).
  • Claude Gu: Senior Overseas Operations Manager at Stable Universal. He has a background in digital and graphic communication and has worked in various roles, including at Lenovo and SAME SAME but different.
  • Shi Deng: BSA Officer and Compliance Director at Stable Universal. He holds degrees from Fudan University and Fordham University.
  • Lynn: Chief Operating Officer (COO) of Stable Universal, the issuer of HUSD. She has experience in the crypto industry, having worked as a blockchain research analyst and in exchange operations.
  • Tyler: General Manager of HBTC Global, who has been involved in the digital currency industry since 2013 and has worked at Huobi Global Group.

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The fundamental analysis assistant for crypto value investors.

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