Crypto Community Gets Shocked When Discovering Huobi’s Wallets Own Nearly 80% of All GUSD
According to data provided by The Block, 78.6% of all the Gemini Dollars (GUSD) in existence are stored in Huobi’s wallets. This is very important because it shows how the so-called Huobi Dollar (HUSD) is currently working. Huobi has around $70.8 million of GUSD stored in its wallets.
Back in October 2018, the virtual currency exchange Huobi launched this new coin that allows users to deposit TrueUSD (TUSD), Paxos Standard (PAX) and GUSD and withdraw any of them regardless of the asset deposited first.
Apparently, this suggests that there is an increased demand on the Huobi platform to withdraw other assets rather than GUSD. Huobi has less than $7 million of the other three assets combined.
The Gemini Dollar was released by Gemini back on September 10, 2018. Cameron Winklevoss announced it in a blog post. According to him, the intention is to build a bridge to the future of money, and the GUSD is one of the necessary steps to build it.
During the last years, the most popular stablecoin in the market, Tether (USDT), has been involved in different controversies. People and investors believed that Tether did not have enough funds to back the USDT tokens issued. At the same time, Tether was accused of being used for manipulating Bitcoin prices during bear markets.
Due to these things, several companies decided to launch new stablecoins. These include the USD Coin (USDC), GUSD, HUSD, TUSD and PAX, among others. Now the market has a wide variety of stablecoins that allows investors to chose the most reliable one.