<p>The HUSD stablecoin has dropped by 60% over the last few hours and is now worth just $0.30. This comes just days after the stablecoin was delisted from crypto exchange Huobi, which it was associated with.</p> <p>The stablecoin was trading below the peg since Oct. 28 and sat at around $0.76 over the weekend. At 4 a.m. this morning, it sharply plummeted to a low of $0.28 before bouncing slightly.</p> <div id="attachment_181314"class="wp-caption alignnone" style="max-width: 1662px;"><img class="has-caption wp-image-181314 size-full" src="https://www.tbstat.com/wp/uploads/2022/10/Screenshot-2022-10-31-at-10.00.42.png" alt="The price of HUSD" width="1652" height="948" /><p class="wp-caption-text"><span style="font-size: 8pt;">The price of HUSD dropped sharply this morning. Image: CoinGecko.</span></p></div> <p>Huobi said on Oct. 27 that it would be <a href="https://www.theblock.co/post/180515/crypto-exchange-huobi-to-delist-husd-stablecoin">delisting</a> HUSD. It added that it would convert users' assets to the stablecoin tether (USDT).</p> <p>CoinDesk first <a href="https://www.coindesk.com/business/2022/10/31/after-huobi-delisting-stablecoin-husd-falls-72-from-dollar-peg/">reported</a> today's significant price drop.</p> <h2>Abandoning HUSD</h2> <p>Earlier this month, Huobi said that it would be delisting 21 HUSD trading pairs, which caused an initial — but brief — dip in its price. At the time, the stablecoin fell as low as $0.89 before rebounding.</p> <p>The stablecoin is issued by <span data-v-64237c43="">Stable Universal. I</span>ts current custodian is Huobi Trust. Huobi is also an investor in Stable Universal.</p> <p>It's unclear why Huobi has made the move to abandon its preferred stablecoin. The only big change the exchange is going through is its sale to <span data-v-64237c43="">Hong Kong-based About Capital Management. News publication Wu Blockchain reported that Tron founder Justin Sun was the "real" buyer behind Huobi Global's stake sale, a claim that Sun <a href="https://www.theblock.co/post/175867/justin-sun-denies-being-real-buyer-of-huobi-stake-sale-exclusive">denied</a> in a comment to The Block. Sun said he is "only an advisor" to Huobi. </span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>