Huobi Treasury Mints 4.2M HUSD in Honor of 4/20

Huobi’s stablecoinStablecoins are a class of cryptocurrency that aims to provide price stability.  A perceived drawback of cryptocurrency is price volatility.... More has minted another 4,200,000 HUSD. Today also happens to be 4/20, which almost certainly cannot be a coincidence.

Huobi is issuing more and more of its stablecoin — and it just issued $4.2M in honor of today’s little ‘holiday.’

As Whale Alert (@whale_alert) reported, the stablecoin was issued earlier today.

Hsaka (@HsakaTrades) noticed the funny coincidence and many others decided to join in the joke.

4.2m mint on 4/20.

Neat. https://t.co/w6vselyQv4

— Hsaka (@HsakaTrades) April 20, 2020

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. As BeInCrypto reported, Bitcoin BUY NOW futuresFutures contracts are literally agreements to buy or sell an asset on a future date and for a fixed price.... More 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 $148M but a trading volume of just $20M. By comparison, Binance USD (BUSD) has a market capitalization of $203M 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.

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Images courtesy of Shutterstock, Trading View and Twitter.