Huobi Trust Company Appointed New Custodian of USD-Backed Stablecoin ‘HUSD’
LAS VEGAS, June 24, 2021 / PRNewswire / – Huobi Trust, a Nevada state-chartered retail trust company, today announced that it has been appointed as the new custodian of the US dollar-backed stablecoin, HUSD. Huobi Trust has been licensed by the Financial Institutions Division of the Nevada Department of Business and Industry and will assume the role of lead custodian of the assets supporting the HUSD token in July 2021. This partnership will be a key contributor to the roadmap long term for the HUSD token towards growing and scaling its global stable coin ecosystem in a regulated environment, and comes on the heels of its recently exceeded milestone of $ 1 billion market capitalization.
Huobi Trust will provide custody services for the outstanding 1: 1 HUSD stablecoin backed USD reserves, as well as a range of compliance services for HUSD clients. Reserves held by Huobi Trust are independently verified by a certified public accounting firm based in the United States. Huobi Trust is led by a team of highly qualified individuals headquartered in Las Vegas, Nevada. It is a wholly owned subsidiary of Huobi Technology Holdings Limited (1611.HK), a publicly traded company at Hong Kong.
“Huobi Trust is delighted to enter into this partnership with HUSD as part of our joint efforts to promote innovative financial solutions through the power of blockchain technology. Our businesses are aligned with the importance of compliance, and the safety and security of client assets is at the forefront of everything we do, making this partnership a natural complement, ” Said Rebecca Hirst, Chief Trust Operations Officer of Huobi Trust Company, “The HUSD token has experienced tremendous growth over the past few years and we look forward to building on this success together.”
The HUSD token recently crossed the billion market cap threshold on May 20e, 2021, and its current cumulative issuance stands at HUSD 8.6 billion. Driven by a rapidly growing crypto market as well as increased demand for liquid and stable assets on many blockchain-based platforms, the market capitalization of the HUSD token has increased by more than 560% since January of this year. At the base of this tremendous growth is the rise in interest and participation in the decentralized finance (DeFi) market. HUSD is currently supported by DeFi platforms such as Curve.fi, Uniswap and the Cream protocol, and on the HECO chain, by major platforms such as Mdex, Depth.fi, Coinwind, FilDa, Channels and LendHub. Platforms such as Nexo and Amber Group also recently announced support for the HUSD token, which promotes the growing adoption of stablecoin in multiple functions including payments, exchange, lending, and more. HUSD is currently issued on the Ethereum protocol, with plans to increase support and interoperability across more blockchain protocols later this year.
About Huobi Trust
Huobi Trust Company (“Huobi Trust”) is a Nevada state-chartered retail trust company with a mission to provide secure financial solutions based on blockchain technology. A strict commitment to the “golden standard” of global compliance and a culture of integrity are at the heart of the company’s products and operations. Funds stored with Huobi Trust are protected by advanced security protocols and undergo regular reviews and attestations. Huobi Trust currently offers fiduciary custody and a range of compliance services for blockchain companies. Learn more about https://huobitrust.com.
About the HUSD token
Combining characteristics of the US dollar with the efficiency of blockchain technology, HUSD is backed at a 1: 1 ratio to the US dollar held by Huobi Trust, a trust company licensed in the State of nevada. An independent US audit firm performs monthly attestations of the HUSD token. Users can hit, trade and trade HUSD via https://stcoins.com.
About Huobi Tech Holdings Limited
Huobi Technology Holdings Limited (“Huobi Tech”, formerly known as “Pantronics Holdings Limited”, stock code: 1611) was november 2016. Mainly engaged in OEM and EMS manufacturing of electrical and electronic products, Huobi Tech is also actively developing the blockchain ecosystem and the virtual asset ecosystem. Huobi Tech Commits To Become The Leading One-Stop Virtual Asset Services Platform In Asia.
At the same time, Huobi Tech is applying for virtual asset licenses and financing in major markets around the world. So far, Huobi Tech and its subsidiaries have successfully obtained approval to conduct SFC Type 4 (Securities Advisory) and Type 9 (Asset Management) Regulated Business, Supplier License trust or corporate services (Hong Kong), the trust company license (Nevada United States) and saved as Hong Kong trust company. https://huobitech.com
SOURCE Huobi technology