In order to better meet user expectations and support a regulated token on the Huobi platform, we will be upgrading the HUSD solution, transitioning it from a stablecoin basket to an independent, USD-backed stablecoin, HUSD Token.
HUSD Token is issued by Stable Universal, backed in a 1:1 ratio to the US dollar held in a U.S trust company, combining the stability of the US dollar with the efficiency of block chain technology. A leading U.S audit firm conducts monthly audits of HUSD, and the attestation report is available for public viewing on stcoins.com.
If Huobi users want to keep their HUSD funds during this period, then they are agreeing to authorize Huobi Global to upgrade their HUSD funds to the new HUSD Token.
For more details, please check the official website of Stable Universal (https://www.stcoins.com/).
Summary of Change:
1. Before the upgrade process commences, there will be a transition window period whereby all HUSD holders can choose to transition their HUSD, 1:1 to any of the following stablecoins: PAX, TUSD and USDC. Alternatively, should users opt to continue holding HUSD funds during this period, they are agreeing to authorize Huobi Global to upgrade their HUSD funds to the new HUSD Token.
2. After the transition period is over, the remaining HUSD will upgrade to HUSD Token. The upgrade process is as follows: Huobi Global will redeem all remaining HUSD to US dollar through the official issuer of each stablecoin in the basket and then purchase HUSD Tokens before re-depositing HUSD Tokens into Huobi Global at a 1:1 exchange rate with USD.
3. After the upgrade is completed, we will launch trading of PAX/HUSD, TUSD/HUSD and USDC/HUSD trading pairs.
Upgrade Schedule Details:
1. HUSD Transition Period: From 22:00 17 July 2019 - 18:00 18 July 2019 (GMT+8) (HUSD 1:1 Exchange to PAX, TUSD, USDC)
2. HUSD Upgrade Period: From 18:00 18 July 2019 - 12:00 22 July 2019 (GMT+8)
3. After the Transition Period is over, HUSD will terminate all transition services to PAX, TUSD, and USDC.
4. If users do not transition HUSD to PAX, TUSD or USDC within the above-stated transition period, upon completion of upgrade, remaining HUSD residing in users’ accounts will likely be upgraded to the ERC-20 HUSD Token which can support deposit, withdrawal and trading.
5. The transition and upgrade of HUSD on Huobi Global will not impact HUSD trading on the OTC platform or HUSD trading operations.
6. Upon completion of the upgrade, we will re-open HUSD deposit/withdrawal services and launch PAX/HUSD、TUSD/HUSD、USDC/HUSD trading. There will be a separate announcement for trading launch details.
July 17, 2019