HUSD

HUSD was the house dollar of the Huobi exchange until the exchange cut it loose and the peg came apart. Issued by Stable Universal Limited with reserves held by a trust custodian, it circulated on Ethereum, Tron, and Solana as a fiat-backed stablecoin available to KYC-verified members. Cracks showed in August 2022, when regional market-maker changes briefly knocked it off a dollar, and the real break came that October: after Huobi delisted HUSD, the token crashed to as low as 34 cents, stranding holders even as the exchange offered a one-for-one swap into Tether. The stablecoin never recovered its footing and has since been wound down. Its collapse underscored how tightly a fiat-backed coin's survival can depend on a single exchange's support rather than the reserves themselves, and HUSD is no longer a functioning dollar.