Crypto exchange Huobi Global Ltd. said it will remove 10 “trading pairs,” primarily ones involving tokens used in transactions with the USDD stablecoin issued by the TRON DAO Reserve that is supported by digital-asset entrepreneur Justin Sun.
Cardano’s ADA, Solana’s SOL, ApeCoin’s APE, Polygon’s MATIC, Filecoin’s FIL and Ethereum Classic’s ETC tokens paired with USDD will be delisted as of June 29, Huobi said in a website post Monday. Also being removed from the platform are ARPA, GAS, QTUM and ZKS pairs with Bitcoin. Huobi cited the changes as part of efforts to offer users “a better trading experience.”
Originated from China, Huobi has been a major marketplace for both spot and derivatives trading for digital assets. The delistings came after most of these tokens were labeled as unregistered securities by the US Securities and Exchange Commission in recent lawsuits against the Binance and Coinbase exchanges. Robinhood and eToro dropped some of the tokens earlier.
Stablecoins are digital tokens designed to keep a one-to-one value with a less volatile asset like the dollar, typically by holding equal reserves of cash and cash-equivalent assets as collateral. They’re commonly used by traders as a way of transferring funds between exchanges and as a safe haven from price swings, making them some of crypto’s most-traded tokens.
USDD is the 8th largest stablecoin by market capitalization at about $750 million, while the most popular exchange to buy and trade the token is Huobi, according to crypto market data provider CoinGecko. Backed by a number of digital assets such as Bitcoin, Ether and TRON, the stablecoin is issued by the TRON DAO Reserve. A decentralized autonomous organization, or DAO, is a management structure that uses blockchain technology to automate many aspects of voting and transaction proceeds.
Sun, the founder of the TRON blockchain, is an adviser to Huobi. He allegedly paid about $1 billion through a Hong Kong-based asset manager for a controlling stake in Huobi in November. In the past, Sun has declined to comment on a possible ownership stake.