Stablecoins are designed to reflect the value of typical assets like fiat currencies like Dollars, Pounds or Euros. At the beginning of this year, the stablecoin market niche was shaken after The collapse of Terra USD (UST), leading to the 'sliding days' sequence of the entire ecosystem Terra, make the color fade 60 billion USD out of the market.
Now, HUSD, issued by Stable Universal, also has problems this year when HUSD unexpectedly depegs in mid-August 2022.
Founder Tron Justin Sun has taken on a senior role at Huobi in recent weeks. One of the biggest changes he's making is substituting all of HUSD for his stablecoin, USDD. This has given rise to some conspiracy theories that Justin Sun is the real owner of Huobi.
Although it has been actively promoted by Huobi since its launch in 2018, HUSD currently has a market capitalization of just 63 million USD, which is significantly less than the ATH level of more than 1 billion USD in 2021.