Huobi has reportedly minted some 4,200,000 HUSD worth $4.2 million on April 20

By Selena On Apr 21, 2020

Huobi’s stablecoin has minted some 4,200,000 HUSD worth $ 4.2 million. Today also happens to be 4/20, which almost certainly cannot be a coincidence. According to Whale Alert (@whale_alert), the stablecoin was issued earlier today, this minting occurred around 7:30 GMT.

Source: Whale-alert.io

Huobi reportedly minted some 4,200,000 HUSD worth $ 4.2 million

Huobi’s stablecoin was relatively quiet for some time, but it once again began issuing fresh HUSD in February. However, the stablecoin is behind larger exchange-backed competitors like Binance USD (BUSD).

The March bloodbath has shaken up the market and some exchanges gained trading volume while others suffered. Bitcoin futures markets saw a reshuffling of top exchanges. Binance now leads the market with the highest trading volume — with Huobi close behind.

The exchange has also been following Binance’s footsteps in helping coronavirus victims, as well. The exchange pledged 10 million Yuan to help those affected by the virus. That’s around the same amount Binance also pledged.

Huobi has been trying to popularize more trading of its HUSD stablecoin, but adoption for it remains low. At the time of writing, Huobi USD boasts a market capitalization of $ 148 million but a trading volume of just $ 20 million. By comparison, Binance USD (BUSD) has a market capitalization of $ 203 million and double the trading volume.

Maybe Huobi was looking to boost the profile of its stablecoin by joking around with 4/20. However, that’s not going to be enough to boost trading volume. Huobi will need to do much more if it wants HUSD to be a serious contender and, for now, its influence on the market remains marginal.

4.2m mint on 4/20.

Neat. https://t.co/w6vselyQv4

— Hsaka (@HsakaTrades) April 20, 2020

Read more: