{"id":10586,"date":"2021-08-06T09:54:31","date_gmt":"2021-08-06T09:54:31","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/huobi-stablecoin-issuer-publishes-attestation-reports-tied-to-husd-reserve-backing\/"},"modified":"2021-08-06T09:54:31","modified_gmt":"2021-08-06T09:54:31","slug":"huobi-stablecoin-issuer-publishes-attestation-reports-tied-to-husd-reserve-backing","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/huobi-stablecoin-issuer-publishes-attestation-reports-tied-to-husd-reserve-backing\/","title":{"rendered":"Huobi Stablecoin Issuer Publishes Attestation Reports Tied to HUSD Reserve Backing"},"content":{"rendered":"

The crypto financial services company Huobi and the firm\u2019s stablecoin issuer Stable Universal have published monthly HUSD attestation reports. The audits indicate the funds that back Huobi\u2019s stablecoin are kept in cash in U.S. money market accounts in order to ensure the 1:1 ratio with USD.<\/strong><\/p>\n

HUSD Monthly Attestations<\/h2>\n

On Thursday, more than $117 billion is held in stablecoin protocols and the ninth-largest stablecoin in terms of market valuation, Huobi\u2019s<\/a> HUSD, represents over $498 million. Out of today\u2019s $68 billion in global stablecoin trade volume, Coingecko\u2019s stablecoin by market cap stats<\/a> show HUSD has seen around $61 million in 24-hour trades. Following the trend of stablecoin producers publishing their latest stablecoin attestation reports, Huobi and the token issuer Stable Universal have also provided monthly audits<\/a>.<\/p>\n

HUSD attestation reports stem from the months of January 2021 to May 2021, and the latest report discloses that reserves for HUSD are secured in money market accounts located in the United States. Furthermore, monthly audits from every month in 2019 and 2020 are also provided. \u201cTo ensure each HUSD is backed by U.S. dollars at a 1:1 ratio, a monthly audit of HUSD is conducted by an independent US accounting firm to verify that the HUSD tokens in circulation are consistent with the amount of USD held in reserve accounts at U.S. banks,\u201d the web portal stcoins.com emphasizes. The web page also says:<\/p>\n

Every attestation report has been published since the launch of HUSD Token.<\/p>\n

<\/p>\n

Stablecoin Providers Hope to Gather More Trust With Reserve Audits<\/h2>\n

The HUSD attestation reports come at a time where stablecoin providers have been providing transparent audits to the public. In July, Circle and the Centre Consortium\u2019s accountant Grant Thornton published<\/a> a USDC attestation report. Circle\u2019s USDC report revealed that the backing of USDC was kept in segregated accounts held in USD-denominated assets. Following Circle, Paxos Standard presented<\/a> its attestation report and Dan Burstein, the chief compliance officer of Paxos, criticized stablecoin providers that are far less transparent.<\/p>\n

In April, Tether Holdings Limited stated<\/a> that tether (USDT<\/a>) tokens have \u201calways been fully backed.\u201d The stablecoin provider\u2019s assurance report was signed<\/a> by Moore Cayman on March 26, 2021, and compiled on February 28, 2021 \u201cat 11:59 PM UTC.\u201d Today, tether (USDT<\/a>) still commands the largest market cap with $61 billion. For comparison, Huobi\u2019s HUSD stablecoin represents only 0.816% of USDT<\/a>\u2019s market valuation on August 5.<\/p>\n

What do you think about Huobi and Stable Universal\u2019s HUSD attestation reports? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, attestation report, attestation reports, audit, Cash, Circle, Grant Thornton, Huobi Exchange, huobi pro, Huobi\u2019s HUSD, HUSD Stablecoin, Money Market Accounts, Moore Cayman, Paxos, Paxos Standard, Reserve Audits, Stable Universal, Stablecoin HUSD, Stablecoins, Tether (USDT), USDC<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto financial services company Huobi and the firm\u2019s stablecoin issuer Stable Universal have published monthly HUSD attestation reports. The audits indicate the funds that back Huobi\u2019s stablecoin are kept in cash in U.S. money market accounts in order to ensure the 1:1 ratio with USD. HUSD Monthly Attestations On Thursday, more than $117 billion…<\/p>\n","protected":false},"author":0,"featured_media":10587,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10586"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10586"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10587"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}