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Huobi Trust Company Appointed As New Custodian For USD-Backed Stablecoin ‘HUSD’

Huobi trust, a Nevada state-chartered retail trust company, today announces that it has been appointed as the new custodian for the USD-backed stablecoin, HUSD. Huobi Trust was licensed by the Nevada Department of Business and Industry’s Financial Institutions Division, and will take over the role of primary custodian for the assets backing the HUSD Token in July of 2021. This partnership will be a key contributor to long-term roadmap for the HUSD Token toward the growth and scaling of its global stablecoin ecosystem in a regulated environment, and arrives on the heels of its recently surpassed milestone of $1 billion market cap.

Huobi Trust will provide custodial services for the USD reserves backed 1:1 to the HUSD stablecoin in circulation, as well as a range of compliance services for HUSD customers. The reserves custodied by Huobi Trust are independently verified by a US-based certified public accounting firm. Huobi Trust is led by a team of highly qualified individuals headquartered in Las Vegas, Nevada. It is a wholly owned subsidiary of Huobi Technology Holdings Limited (1611.HK), a publicly listed company in Hong Kong. 

“Huobi Trust is excited to be entering this partnership with HUSD in our joint efforts to promote innovative, financial solutions through the power of blockchain technology. Our companies are aligned on the importance of compliance, and the safety and security of customers’ assets are at the forefront of everything we do, which makes this partnership a natural fit,” Said Rebecca Hirst, Chief Trust Operations Officer of Huobi Trust Company, “The HUSD Token has seen tremendous growth over the past few years and we look forward to building together on this success.”

The HUSD Token recently surpassed the 1 billion threshold in market cap on May 20th, 2021, and its current cumulative issuance sits at 8.6 billion HUSD. Spurred by a rapidly growing crypto market as well as an increased demand for liquid and stable assets across numerous blockchain-based platforms, the market cap for the HUSD Token increased by more than 560% since January of this year. Underpinning this tremendous growth is the surge of interest and participation in the decentralized finance (DeFi) market. HUSD is currently supported by DeFi platforms like Curve.fi, Uniswap, and Cream protocol, and on the HECO chain, by leading platforms including Mdex, Depth.fi, Coinwind, FilDa, Channels, and LendHub. Platforms like Nexo and Amber Group also recently announced support for the HUSD Token, which furthers the stablecoin’s growing adoption across multiple functions including payments, exchange, lending, and more. HUSD is currently issued on the Ethereum protocol, with plans to increase support and interoperability across more blockchain protocols later this year. 

About Huobi Trust

Huobi Trust Company (“Huobi Trust”) is a Nevadastate-chartered retail trust company with a mission to deliver secure financial solutions built on blockchain technology. A strict commitment to the “gold standard” of global compliance and an integrity-driven culture are at the core of the company’s products and business. Funds stored with Huobi Trust are protected by advanced security protocols and undergo regular exams and attestations. Huobi Trust currently offers fiat custody and a range of compliance services for blockchain companies.

About HUSD Token

Combining the features of the U.S. dollar with the efficiency of blockchain technology, HUSD is backed in a 1:1 ratio to the U.S. dollar held by Huobi Trust, a licensed trust company in the State of Nevada. An independent U.S audit firm conducts monthly attestations of the HUSD Token.

About Huobi Tech Holdings Limited

Huobi Technology Holdings Limited (“Huobi Tech”, formerly known as “Pantronics Holdings Limited”, Stock Code: 1611) was listed in November 2016. Primarily engaged in OEM & EMS manufacturing of power-related and electronic products, Huobi Tech is also actively developing the blockchain ecosystem and virtual asset ecosystem business. Huobi Tech is committed to becoming the leading one-stop virtual asset service platform in Asia. 

At the same time, Huobi Tech is applying for virtual asset and finance-related licenses in major markets around the world. Up to now, Huobi Tech and its subsidiaries have successfully got the approval to conduct Type 4(advising on securities) and Type 9(asset management) regulated activities from the SFC, the Trust or Company Service Provider License (Hong Kong), the Trust Company License (Nevada USA), and registered as Hong Kong trust company.

Source: Huobi Technology