Home » Huobi Mints $4.2 Million in Stablecoins — Is It a 4/20 Coincidence?
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Huobi Mints $4.2 Million in Stablecoins — Is It a 4/20 Coincidence?

At this time, April 20, Huobi has reportedly minted some 4,200,000 HUSD value $4.2 million.

In accordance with knowledge printed by Whale Alert, this minting occurred round 7:30 GMT. Social media reactions noticed customers be aware this quantity’s similarities to right now’s date — the 20th day of the fourth month.

HUSD has been largely inactive since launch

The stablecoin has not seen a lot buying and selling quantity since its launch in 2018, however it was reactivated on February 7 of this yr, and we’ve seen some minting actions from Huobi since then.

Huobi minted round 2,013,945 HUSD on that day. It minted round 1,950,000 HUSD the very subsequent day, February 8. Then on February 14, one other minting of 1,090,075 HUSD occurred.

As of press time, Huobi’s stablecoin has a reported market cap of $148 million, with a day by day buying and selling quantity of roughly $20 million. That is nicely under Binance’s BUSD market cap of $203 million, which additionally sees twice the buying and selling quantity of HUSD.

Promotional minting or only a coincidence?

The HUSD mission was introduced on the finish of 2018 as Huobi’s try to win a bit of the stablecoin cake. However someday in 2019, Huobi’s stablecoin stopped minting it.

This newest minting is perhaps a promotional transfer, however we will’t formally verify this hypothesis. Cointelegraph contacted a Huobi consultant for particulars and this text will likely be up to date accordingly ought to a response are available.

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