Huobi Global, HTX LOSES Trademark in Hong Kong To X-Spot
On June 20, 2023, X-Spot submitted an application for an injunction to the Hong Kong High Court, seeking to compel Huobo Global to cease its trademark infringement.
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Crypto Exchange Huobi Delists Its HUSD Stablecoin
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Crypto exchange Huobi Global is cutting ties with its closely linked stablecoin, the troubled asset HUSD.
In a notice to users, Huobi, the top trading venue for the $219 million market-cap stablecoin, cited its rules for performing “regular inspection” on listed assets. Huobi, a top 10 exchange by trading volume that recently agreed to be acquired by About Capital, said it will begin delisting HUSD at 8:00 UTC Friday and will in the interim begin converting assets to USDT on a 1:1 basis.
HUSD is a relatively minor stablecoin that Huobi launched in 2018 as a “stablecoin solution” that accepted other dollar-pegged tokens as backing. It was issued by Stable Universal but was heavily marketed by Huobi as a token that was “exclusive” to its own exchange when it launched.
The move continues a wave of consolidations and jockeying in crypto’s $140 billion stablecoin subsector that has long been dominated by USDT. But an influx of newcomers has recently shaken that grip.
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HUSD has had its own problems. In August, the stablecoin briefly lost its dollar peg and crashed 8% after its issuer closed “several accounts” due to regulatory concerns.
A representative for Huobi did not immediately respond to CoinDesk.
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