Huobi exchange's former Stablecoin lost 72% of its value after delisting

HUSD has shown that it cannot exist apart from the major cryptocurrency exchange Huobi, falling by more than two-thirds.

The once-popular HUSD stablecoin dramatically lost its peg to the dollar, dropping to a low of 28 cents after cryptocurrency exchange Huobi announced it was delisting the asset on Friday.

Huobi said users can still exchange HUSD tokens for tether (USDT), the industry's largest Stablecoin by market capitalization.

Stablecoins are designed to mirror the value of other assets, typically fiat currencies such as the dollar, pound, or euro. Earlier this year, the stablecoin sector was rocked after the collapse of terraUSD (UST), which led to the destruction of the entire $60 billion Terra ecosystem.

 Tron founder Justin Sun has recently taken a leadership position at Huobi. One of the closest changes he is making is moving volume to his own USDD Stablecoin. While Huobi has not released HUSD, it has been actively marketing this token since its launch in 2018.

The market value of this stablecoin hasn't stayed the same either, currently standing at $63 million instead of its record high of one billion dollars.

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