{"id":33937,"date":"2022-08-19T13:08:01","date_gmt":"2022-08-19T17:08:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=33937"},"modified":"2022-08-19T13:08:05","modified_gmt":"2022-08-19T17:08:05","slug":"despite-liquidity-problems-husd-stablecoin-returns-to-1-peg","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/despite-liquidity-problems-husd-stablecoin-returns-to-1-peg\/","title":{"rendered":"Despite Liquidity Problems, HUSD Stablecoin Returns to $1 Peg"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\" id=\"h-the-husd-team-said-that-the-de-peg-happened-because-a-market-maker-account-was-closed-which-made-it-hard-to-get-money\">The HUSD team said that the <a href=\"https:\/\/www.google.com\/search?q=de-peg&sourceid=chrome&ie=UTF-8\" target=\"_blank\" rel=\"noreferrer noopener\">de-peg<\/a> happened because a market maker account was closed, which made it hard to get money.<\/h5>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"918\" height=\"479\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-142.png\" alt=\"Despite Liquidity Problems, HUSD Stablecoin Returns to $1 Peg\" class=\"wp-image-33939\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-142.png 918w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-142-300x157.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-142-768x401.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-142-150x78.png 150w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-142-750x391.png 750w\" sizes=\"(max-width: 918px) 100vw, 918px\" \/><figcaption>Despite Liquidity Problems, HUSD Stablecoin Returns to $1 Peg<\/figcaption><\/figure>\n\n\n\n<p>Stable Universal's <a href=\"https:\/\/coinscreed.com\/staging\/the-us-dollar-is-not-threatened-by-foreign-cbdcs-and-stablecoins-fed-vice-chair.html\" target=\"_blank\" rel=\"noreferrer noopener\">HUSD stablecoin<\/a>, which dropped by 8% on Thursday, is now back to being worth $1.<\/p>\n\n\n\n<p>Friday, HUSD said in a tweet that the drop in value was due to the closing of several accounts, including market maker accounts. On Thursday, the coin's market value fell to $136,3 million, but it is now back up to $160 million.<\/p>\n\n\n\n<p>Stablecoins are cryptocurrencies that are designed to <a href=\"https:\/\/coinscreed.com\/staging\/increase-in-short-term-btc-holders-indicates-final-flush-of-sellers.html\" target=\"_blank\" rel=\"noreferrer noopener\">hold their value<\/a> against other assets, usually fiat currencies like the dollar or euro. <a href=\"https:\/\/coinscreed.com\/staging\/terrausd-ust-staking-goes-live-on-binance.html\" target=\"_blank\" rel=\"noreferrer noopener\">TerraUSD<\/a> (UST), an algorithmic stablecoin with a market cap of $18.71 billion, failed earlier this year. HUSD is backed by cash, meaning that for every token issued, there is a dollar in a bank.<\/p>\n\n\n\n<p>&#8220;We had decided to close a number of accounts in certain regions, including some market maker accounts, to meet legal requirements. Because banks are open at different times, this caused a short-term liquidity problem that has since been fixed. &#8220;In a tweet, HUSD said.<\/p>\n\n\n\n<p>Huobi, a <a href=\"https:\/\/coinscreed.com\/staging\/ontario-crypto-exchanges-limit-altcoin-purchases-to-30k-cad-yearly.html\" target=\"_blank\" rel=\"noreferrer noopener\">crypto exchange<\/a>, said that it was working to fix the problem and that the peg was back in place within 12 hours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The HUSD team said that the de-peg happened because a market maker account was closed, which made it hard to get money. Stable Universal&#8217;s HUSD stablecoin, which dropped by 8% on Thursday, is now back to being worth $1. Friday, HUSD said in a tweet that the drop in value was due to the closing [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":33939,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[368,11145,926],"class_list":["post-33937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-huobi","tag-husd","tag-stablecoins"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-142.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/33937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=33937"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/33937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/33939"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=33937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=33937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=33937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}