Huobi Mints $4.2 Million Coins in Celebration of 4/20 Date

April 21, 2020 6:32 PM UTC

The crypto crash in March affected all exchanges equally, however, some of them did experience a rise in trading volume. According to a news report, Binance is now leading the crypto exchange market with the highest trading volume while Huobi is only inches away.

The exchange is currently looking to lead the crypto space but it is first striving to grow the trading volume of its HUSD stablecoin. Recently, on April 20, the exchange has taken yet another measure to support its stablecoin and issued 4,200,000 HUSD worth $4.2 million.

Promotional Minting to Support the Stablecoin

HUSD has not witnessed significant trading volume since its launch, however, the exchange is working hard to boost its trading volume, at least in the short-term. Unfortunately, it seems that the growth of HUSD has stayed flat.

Huobi’s stablecoin (HUSD) has a trading volume of only $20 million and a market capitalization of $148 million. Compared to Binance’s BUSD these figures are extremely low. Binance’s stablecoin has double the trading volume and a market capitalization of HUSD.

Huobi has great potential to lead the crypto space, however, recent minting strategy seems to be a promotional tactic to artificially boost the trading volume of its stablecoin. The exchange needs to offer more if it desires to control the market.

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