Cryptocurrency exchange Huobi Global Ltd. announced that it will discontinue 10 “trading pairs,” principally those involving tokens used in transactions with the USDD stablecoin produced by the TRON DAO Reserve, which is backed by digital asset entrepreneur Justin Sun.
The following tokens coupled with USDD will be removed from exchanges as of June 29: Cardano’s ADA, Solana’s SOL, ApeCoin’s APE, Polygon’s MATIC, Filecoin’s FIL, and Ethereum Classic’s ETC. ARPA, GAS, QTUM, and ZKS pairs with Bitcoin are also being taken from the platform. In an effort to provide users with “a better trading experience,” Huobi noted the modifications.
Huobi, which has its roots in China, is a significant spot and derivatives trading market for digital assets. The majority of these currencies were delisted after the US Securities and Exchange Commission declared them to be unregistered securities in recent legal actions against the Binance and Coinbase exchanges. Some of the tokens were dropped previously by Robinhood and eToro.
Stablecoins are digital tokens that are intended to maintain a one-to-one value with a less volatile asset, such as the dollar, often by keeping equal reserves of cash and cash equivalent assets as security. They rank among the most actively traded tokens in the cryptocurrency market because traders frequently use them to transfer money between exchanges and to protect themselves from price fluctuations.
According to crypto market data provider CoinGecko, USDD has a market capitalization of roughly $750 million, ranking it as the eighth-largest stablecoin. Huobi is the most used exchange for buying and selling the currency. The TRON DAO Reserve issues the stablecoin, which is backed by several digital assets including Bitcoin, Ether, and TRON. A decentralized autonomous organization, or DAO, is a type of management structure that automates a number of voting and transaction processes using blockchain technology.
Sun, the creator of the TRON blockchain, is a Huobi adviser. In November, he allegedly paid $1 billion for a majority share in Huobi through a Hong Kong-based fund manager. Sun has previously declined to comment on a possible ownership investment.
