Bitcoin News and Finance Huobi Stablecoin Issuer Publishes Attestation Reports Tied to HUSD Reserve Backing Skip to main content

Huobi Stablecoin Issuer Publishes Attestation Reports Tied to HUSD Reserve Backing

Huobi Stablecoin Issuer Publishes Attestation Reports Tied to HUSD Reserve Backing

The crypto financial services company Huobi and the firm’s stablecoin issuer Stable Universal have published monthly HUSD attestation reports. The audits indicate the funds that back Huobi’s stablecoin are kept in cash in U.S. money market accounts in order to ensure the 1:1 ratio with USD.

HUSD Monthly Attestations

On Thursday, more than $117 billion is held in stablecoin protocols and the ninth-largest stablecoin in terms of market valuation, Huobi’s HUSD, represents over $498 million. Out of today’s $68 billion in global stablecoin trade volume, Coingecko’s stablecoin by market cap stats show HUSD has seen around $61 million in 24-hour trades. Following the trend of stablecoin producers publishing their latest stablecoin attestation reports, Huobi and the token issuer Stable Universal have also provided monthly audits.

HUSD attestation reports stem from the months of January 2021 to May 2021, and the latest report discloses that reserves for HUSD are secured in money market accounts located in the United States. Furthermore, monthly audits from every month in 2019 and 2020 are also provided. “To ensure each HUSD is backed by U.S. dollars at a 1:1 ratio, a monthly audit of HUSD is conducted by an independent US accounting firm to verify that the HUSD tokens in circulation are consistent with the amount of USD held in reserve accounts at U.S. banks,” the web portal stcoins.com emphasizes. The web page also says:

Every attestation report has been published since the launch of HUSD Token.

Stablecoin Providers Hope to Gather More Trust With Reserve Audits

The HUSD attestation reports come at a time where stablecoin providers have been providing transparent audits to the public. In July, Circle and the Centre Consortium’s accountant Grant Thornton published a USDC attestation report. Circle’s USDC report revealed that the backing of USDC was kept in segregated accounts held in USD-denominated assets. Following Circle, Paxos Standard presented its attestation report and Dan Burstein, the chief compliance officer of Paxos, criticized stablecoin providers that are far less transparent.

In April, Tether Holdings Limited stated that tether (USDT) tokens have “always been fully backed.” The stablecoin provider’s assurance report was signed by Moore Cayman on March 26, 2021, and compiled on February 28, 2021 “at 11:59 PM UTC.” Today, tether (USDT) still commands the largest market cap with $61 billion. For comparison, Huobi’s HUSD stablecoin represents only 0.816% of USDT’s market valuation on August 5.

What do you think about Huobi and Stable Universal’s HUSD attestation reports? Let us know what you think about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory