Huobi Mints $4.2 Million in Stablecoins — Is It a 4/20 Coincidence?
Today, April 20, Huobi has reportedly minted some 4,200,000 HUSD worth $4.2 million.
According to data published by Whale Alert, this minting occurred around 7:30 GMT. Social media reactions saw users note this number’s similarities to today’s date — the 20th day of the fourth month.
HUSD has been mostly inactive since launch
The stablecoin has not seen much trading volume since its launch in 2018, but it was reactivated on February 7 of this year, and we’ve seen some minting movements from Huobi since then.
Huobi minted around 2,013,945 HUSD on that day. It minted around 1,950,000 HUSD the very next day, February 8. Then on February 14, another minting of 1,090,075 HUSD took place.
As of press time, Huobi’s stablecoin has a reported market cap of $148 million, with a daily trading volume of approximately $20 million. This is well below Binance’s BUSD market cap of $203 million, which also sees twice the trading volume of HUSD.
Promotional minting or just a coincidence?
The HUSD project was announced at the end of 2018 as Huobi’s attempt to win a piece of the stablecoin cake. But sometime in 2019, Huobi’s stablecoin stopped minting it.
This latest minting might be a promotional move, but we can’t officially confirm this speculation. Cointelegraph contacted a Huobi representative for details and this article will be updated accordingly should a response come in.
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