A Case Study on HUSD
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Case Study of Huobi’s HUSD SolutionHuobi recently announced a trial upgrade to their stablecoin service, now titled HUSD Solution V2.0. The intent is for Huobi to help meet user demands when it comes to stablecoins by offering support for interchangeability between Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD). Users can use these stablecoins on their exchange, where these four tokens are represented under one quote currency titled HUSD.Interestingly enough, this rollout was revealed only 3 months after the launch of the first version. What went wrong? The purpose of this article is to highlight HUSD’s design flaws and outline the events which occurred because of it. Detailing these episodes is important because it provides insight on how the ecosystem (...)