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About HUSD
What is HUSD?
HUSD is a secure, reliable, and fiat-collateralized stablecoin that combines the stability of the US dollar and the efficiency of blockchain technology.
Founders:
- Frank Zhang – Founder and CEO of Stable Universal
- Claude Gu – Senior Overseas Operations Manager at Stable Universal
- Shi Deng – BSA Officer and Compliance Director at Stable Universal
Features:
- Every dollar supporting the HUSD token is held in reserve by Paxos Trust Company
- Completely integrated with Huobi Global, one of the most well-known liquid exchanges in the cryptocurrency world
- Quick and straightforward
About HUSD: A Stablecoin Pegged to the US Dollar
HUSD (HUSD) Defined
HUSD is a stalwart, reliable, and fiat-collateralized stablecoin that synergistically combines the stability of the US dollar with the operational efficiency of blockchain technology. Furthermore, it offers holders a valuable tool to mitigate volatility when navigating the cryptocurrency market. During the project’s conception, the development team prioritized security, liquidity, and convenience. HUSD was specifically designed to provide price stability, thereby attracting a sophisticated crypto trading audience and facilitating seamless interactions with global markets.
In 2019, the HUSD project was unveiled by its developers. Subsequently, Stable Universal launched HUSD, meticulously adhering to all requisite US legal requirements. This organization is committed to attracting top-tier developers, thereby ensuring the provision of the most secure and reliable services to end-users. As an ERC-20 token, HUSD is issued on the Ethereum blockchain, backed by a 1:1 ratio of US dollars held in US bank accounts. The HUSD token is safeguarded in reserve by the Paxos Trust Company, a measure crucial for providing regulatory oversight and support. Furthermore, a leading US auditing firm conducts monthly audits to verify that USD reserves are accurately matched against HUSD supplies, thereby ensuring transparency and accountability.
The HUSD token, a portmanteau of Huobi and USD, is listed on the esteemed Huobi Global exchange platform, where it can be seamlessly converted into any of the four prominent stablecoins: PAX, TUSD, GUSD, and USDC. Furthermore, investors can effortlessly deposit and withdraw stablecoins via the all-encompassing stablecoin solution.
The Visionaries Behind HUSD: Unveiling the Founding Team
Frank Zhang is the esteemed founder and CEO of Stable Universal, a financial services company headquartered in the Central District of Hong Kong. Prior to his current role, Zhang held the position of BSA Officer and AVP at the Bank of China (New York).
Claude Gu, a seasoned professional, assumes the role of Senior Overseas Operations Manager at Stable Universal. Holding a degree in digital and graphic communication from Hong Kong Baptist University, Gu further honed his skills with a Master’s in new media from the same esteemed institution. His impressive career trajectory includes stints as Senior Digital Account Executive at SAME SAME but different in Paris (2016) and Corporate Social Media Operations at Lenovo in Beijing (2018), before joining Stable Universal in 2020.
Shi Deng, the esteemed founder of HUSD, serves as the designated BSA Officer and Compliance Director at Stable Universal. Holding a Bachelor of Laws degree from Fudan University and a Master of Laws degree from Fordham University, Deng joined the Stable Universal team in 2019.
What Sets HUSD (HUSD) Apart?
The HUSD team is dedicated to delivering a secure and interoperable product in the form of a dollar-pegged stablecoin, recognizing the immense potential of stablecoins as a crucial catalyst for widespread crypto adoption.
HUSD was first introduced in 2018, debuting on the Huobi Global exchange. The primary concept behind this stablecoin was to amalgamate four existing ones – Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollars (GUSD) – into a single, unified HUSD token. However, users were hesitant to trade with HUSD, citing concerns over the token’s pricing opacity. In response, Huobi decided to decouple the stablecoin from the exchange. In 2019, Stable Universal and Paxos collaborated to secure the ERC-20 HUSD stablecoin, and since then, Huobi has successfully migrated the previous stablecoin to a new, universal one.
The HUSD cryptocurrency, an ERC-20 token built on the Ethereum blockchain, seamlessly integrates with Ethereum-based applications. When users seek to redeem their HUSD, they simply send the tokens to the designated address managed by Stable Universal. From there, Paxos facilitates the conversion of tokens into fiat currency, which is then deposited directly into the user’s bank account. This convenient process enables traders and exchanges to utilize HUSD as a viable alternative to traditional fiat currencies.
Distinguishing features that set HUSD apart:
- Every dollar backing the HUSD token is securely held in reserve by Paxos Trust Company, thereby ensuring that the HUSD token meets the stringent requirements for stablecoins set by the industry.
- It boasts seamless integration with Huobi Global, one of the most prominent and liquid cryptocurrency exchanges globally.
- The platform features a rapid and hassle-free login (and logout) experience, courtesy of a service launched by Stable Universal, which enables effortless purchasing and redemption of HUSD tokens.
Associated Resources:
Discover the intricacies of Paxos Standard (PAX), USD Coin (USDC), and Binance USD (BUSD), three prominent stablecoins in the cryptocurrency landscape.
Delve into the world of stablecoins: a comprehensive guide to understanding this innovative concept.
Discover the primary applications of stablecoins, demystified by CMC Alexandria.
Stay ahead of the curve with the CoinMarketCap blog, your premier source for the latest news, updates, and emerging trends in the dynamic world of cryptocurrency.
What Is the Total Circulating Supply of HUSD (HUSD) Coins?
HUSD is a 1:1 ERC-20 token, pegged to the US dollar, ensuring a stable value parity. As of June 2021, a total of 555,449,408 tokens were issued, with the same amount in circulation. The total supply of HUSD is fully backed by fiat currency, which is securely held in the Paxos reserve. In the event of a purchase or redemption request for HUSD tokens, cash is seamlessly transferred to and from the reserve.
The sole entity capable of influencing the circulation of HUSD tokens is Stable Universal. This organization is responsible for issuing tokens when users deposit fiat currency into a Paxos account, and conversely, destroys the tokens when they are redeemed for fiat deposits in Paxos bank accounts.
To underscore the system’s solvency, HUSD employs a robust reserve confirmation system, ensuring full collateralization. Furthermore, Stable Universal regularly publishes comprehensive reports, providing unequivocal proof of the existence of dollar reserves, thereby maintaining the tokens in circulation. Moreover, the HUSD token can be utilized to facilitate a diverse range of transactions, encompassing a wide array of goods and services.
The HUSD Network’s Security Framework: A Robust Defense Mechanism
HUSD is a highly decentralized and secure token, meticulously crafted atop the Ethereum network, ensuring a robust and trustworthy framework.
HUSD transactions are governed by the directives outlined in ERC-20 smart contracts, thereby eliminating the need for intermediaries and instead leveraging the secure and battle-tested blockchain network. Moreover, trading tokens is facilitated by the extensive support of numerous exchanges and wallet applications that are compatible with Ethereum, ensuring seamless transactions.
HUSD undergoes rigorous audits by SlowMist, ensuring the platform’s unwavering commitment to security. Furthermore, it adheres to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, upholding the highest standards of compliance.
Where to Acquire HUSD (HUSD) Tokens?
Below are the straightforward steps to acquire HUSD:
- Access your HUSD account (or register for a new one);
- Complete the identity verification process;
- Initiate a USD deposit;
- Execute a purchase order for HUSD tokens.
Prominent cryptocurrency exchange platforms that facilitate the trading of HUSD tokens include esteemed names such as Huobi Global, Gate.io, MDEX, Hotbit, Pionex, Hoo, 0x Protocol, Tokenlon, NUT MONEY, and BHEX (BlueHelix Exchange).
New to the world of cryptocurrency? Uncertain about how to make the transition from traditional fiat currency to digital assets? Our comprehensive guide is here to help.