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Huobi’s stable coin has struck another 4,200,000 HUSD. Today it is 4/20, which almost certainly cannot be a coincidence.
Huobi is spending more and more of his stable coins – and has just spent $ 4.2 million in honor of today’s little “party”.
As Whale Alert (@whale_alert) reported, the stablecoin was issued earlier today.
Hsaka (@HsakaTrades) noticed the funny coincidence and many others decided to join the prank.
4.2 m mint on April 20.
Neat. https://t.co/w6vselyQv4
– Hsaka (@HsakaTrades) April 20, 2020
Huobi’s stable coin was relatively quiet for some time, but started issuing HUSD again in February. However, stablecoin is behind larger backed exchanges like Binance USD (BUSD).
The March bleeding shook the market, with some exchanges gaining volume while others suffered. As BeInCrypto reported, the futures markets are from Bitcoin
BUY NOW they saw a Restructuring of the main stock exchanges. Binance is now the leader in the market with the highest trading volume – very close with Huobi.
The exchange has also followed in Binance’s footsteps to help the victims of the coronavirus. The exchange promised 10 million yuan to help those affected by the virus. That’s about the same amount that Binance also promised.
Huobi has tried to further popularize the trade in its stable HUSD coin, but acceptance is still poor. At the time of writing, Huobi USD has a market capitalization of $ 148 million but a trading volume of only $ 20 million. In comparison, Binance USD (BUSD) has a market capitalization of USD 203 million and double the trading volume.
Maybe Huobi wanted to improve the profile of his stable coin by joking around 4/20. However, this will not be enough to increase the trading volume. Huobi will have to do a lot more if he wants HUSD to be a serious competitor, and his influence on the market remains minimal for the time being.
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