Huobi Exchange, run by the contentious figure of the crypto world, Justin Sun, made a significant announcement affecting many altcoins. Sun, who acquired Huobi last year and initially concealed this information, is now signing off on an important decision. But why?
“USDD Pairs Are Being Removed”
Last year, Huobi was sold to Justin Sun, who subsequently took some significant steps. The announcement of USDD, possessing a similar mechanism to the crashed algo-stablecoin UST, came during the days of its downfall. The new stablecoin, which has struggled to stay above $1 so far, also failed to attract the expected interest. As a result of this indifference, Huobi Exchange made the necessary decision.
On Monday, the crypto exchange Huobi announced plans to delist ten trading pairs as part of an effort to offer its users a “better trading experience.” According to a Bloomberg report, the trading pairs that will lose their USDD pairings include tokens like Solana’s SOL, Cardano‘s ADA, ApeCoin’s APE, Polygon’s MATIC, Filecoin’s FIL, and Ethereum Classic’s ETC.
“Trading Pair Removal for 10 Altcoins”
USDD trading pairs for ADA, APE, ARPA, ETC, FIL, GAS, MATIC, QTUM, SOL, and ZKS will be removed. Investors holding these assets will continue to trade in other stablecoin pairs. Aside from being classified as securities, these mentioned altcoins do not share any common characteristics. However, viewed from this perspective, Tron (TRX) had also faced a similar charge.
Lately, not everything has been smooth between Sun and Huobi. Last month, Sun, who is also the Global Advisor at Huobi and the founder of Tron (TRX), accused Li Wei, the brother of Huobi’s founder, of possessing massive HT Token assets for free. In a Twitter post dated May 17, Sun claimed that Li Wei made no actual contributions to the Huobi community. Nevertheless, by repeatedly selling tokens, Li Wei managed to accumulate significant wealth.
