Proposal: Add Support for HUSD stablecoin on Idle

Hey idle community,

When I am using harvest I noticed Idle. And I am attracted by the product design as well as concept idle has. Here is my proposal to discuss about adding support for stablecoin HUSD on idle.

What is HUSD?

issuer: Stable Universal limited
Custodian: Paxos Trust
Backed by: U.S. Dollar, 1:1 ratio
Audit: Withum, monthly
Year of Issuance:July,2019

Basic Data
Stablecoin Ranking: #7
Circulating Marketcap: $251 million
Accumulated issuance: 2.78 billion Trading Volume (24 hours): 20 million

How to get HUSD Liquidity

  • Official website of HUSD: 1:1 exchange between USD and HUSD , fiat on/off ramp
  • Centralized Exchanges: Huobi, FTX, HBTC, Hotbit, Hoo
  • OTCs: Amber Group, Huobi OTC, Legend Trading, FTX OTC, Paxos

DeFI Platforms Who Supporting HUSD

  • Trading: Curve (with liquidity mining) ,Uniswap , 1inch, Mooniswap (with liquidity mining),0x, kyber network, tokenlon
  • Lending:CREAM, ForTube, WePiggy
  • Others:Harvest, YFII, MakerDao (green lighted)

Benefits for idle Community

More Diversify For the System

image|532.8x115.2

For Centralized stablecoins idle has supported, you can clear see the differences.By adding a new stablecoin asset with monthly auditing, regulated trust holding and different issuer, can lower down the sysmetic risk.

Attract Asian Pacific Users

As HUSD has users in both centralized world and defi community, which is quite different from what USDT/USDC has, it will brings idle more opportunities to attract new users from more other regions.

Potential Obstacles

The market cap and liquidity of HUSD is bigger than sUSD, but relatively lower than USDT, USDC, DAI and the liquidity is not good as them. So the score of HUSD will be lower than DAI USDC and USDT.

No other drawbacks observed now.

References

HUSD Twitter:https://twitter.com/Stablecoin_HUSD
HUSD Official Website:https://www.stcoins.com/
HUSD Attestation Reports: https://www.stcoins.com/attestation/index
HUSD Data Center:https://www.stcoins.com/data

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could you please share some lending protocols where HUSD is already listed?
i want to check volumes.

thanks in advance

Two markets available for now:

For.Tube

CREAM

One thing to mention is they just listed HUSD recently, so the volume is not big for now, we can see it’s fast growing.

And one more, AAVE is still in proposal voting progress, will see what heppens after AAVE V2 launch.

That’s my opinion, you are welcome to discuss.

1 Like


good business card!

any historical incident you want to tell us? How is peg stability, historically speaking?

Thanks again.

At the moment Idle protocol is using Compound, Aave and dYdX (Fulcrum is still paused for security issue).
Maybe when HUSD will be listed in one of them we cold talk again.

2 Likes