The Seychelles-based crypto exchange Huobi has provided an HUSD de-peg timeline explaining its actions during the de-pegging event on Thursday. The exchange identified that the problem began with stablecoin’s issuer.Â
As per a tweet from Huobi, the exchange detected unusual price fluctuations at 10:05 UTC on August 18. Shortly after, Huobi contacted the issuer of HUSD, Stable Universe Limited at 10:10 UTC. By 10:30 UTC, both the exchange and issuer identified the cause and worked together on a solution.Â
At 22:00 UTC, HUSD continued to maintain its $1 Dollar peg as intended. Though Huobi didn’t mention what exactly caused the depegging, HUSD recovered its peg within 12 hours. Huobi reassured that it has always prioritized the security of the users’ assets since its inception in 2013.
Huobi also dropped a message to its official Telegram group shortly afterwards and clarified that control of the stablecoin lay with Stable Universe Limited. It also stated that Huobi has exited its stake in the issuer back in April.
Everyone anticipated that eventually HUSD would lose its dollar peg, much as Terra did, yet it prevailed despite the doubters to keep its stability.
