This is a MIP6 Proposal for the addition of Stable Universal’s dollar-backed stablecoin HUSD to MCD.
HUSD is a standard ERC-20 token with approximately $114 million market cap as of July 1st 2020.
1. Who is the interested party for this collateral application?
Stable Universal Limited, the issuer of the stablecoin HUSD (“HUSD”).
2. Provide a brief high-level overview of the project, with a focus on the applying collateral token.
HUSD token is a USD-backed ERC-20 stablecoin issued by FinTech company Stable Universal. The HUSD token is pegged 1:1 to the U.S. Dollar, and each U.S. dollar collaterized for HUSD is held in a U.S. trust company (Paxos Trust). To ensure the 1:1 backing is maintained, monthly attestations of HUSD are conducted by an independent US audit firm, and the attestation reports are available on www.stcoins.com for public viewing.
3. Provide a brief history of the project.
July 2019: Stable Universal announced the launch of a new ERC-20 stablecoin: HUSD Token
July 2019: Huobi Global announced the listing of the HUSD Token
Dec 2019: HUSD market cap exceeded $100 Million
Jan 2020: PAXOS announced support for HUSD to instantly convert between PAX and BUSD with 0% fees.
Mar 2020: HUSD market cap exceeded $150 Million
May 2020: HUSD total issuance exceeded $1.2 Billion
Jun 2020: HUSD total issuance exceeded $1.5 Billion
4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
White Paper: The HUSD Whitepaper is a work in progress and will be announced to the community once released.
Official Website: https://www.stcoins.com/
Token Smart Contract: 0xdf574c24545e5ffecb9a659c229253d4111d87e1 (EtherScan: https://etherscan.io/token/0xdf574c24545e5ffecb9a659c229253d4111d87e1)
HUSD Data Center: https://www.stcoins.com/data
5.Link any available audits of the project. Both procedural and smart contract focused audits.
Monthly Attestation Reports of HUSD are available for public viewing here :https://www.stcoins.com/attestation/index
6.Link to any active communities relating to your project.
Find us on Twitter: https://twitter.com/Stablecoin_HUSD
Find us on Medium: https://medium.com/@Stablecoin_HUSD
7.How is the applying collateral type currently used?
HUSD is a stablecoin launched on the Ethereum network (ERC-20) for price stability, high degrees of decentralization, and security. Currently, the main use of HUSD is for cryptocurrency trading on exchanges and DeFi applications, and also as a fiat gateway to enter the cryptocurrency market. As we continue to also make HUSD available on digital payment platforms, users can use HUSD as a way to pay for goods and services.
To view the current HUSD Ecosystem, visit our official website: www.stcoins.com
8.Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
The HUSD is issued by Stable Universal Limited, a British Virgin Islands company and a wholly owned subsidiary of Stable Technology Inc. (a US incorporated company); the USD reserves backing the HUSD are held in custody by a New York State registered Trust Company.
9.Where does exchange for the asset occur?
HUSD is supported on a number of centralized exchanges, DeFi applications, and payment platforms for cryptocurrency trading, OTC, payment, lending, and more. Stcoin.com is where users can easily deposit and convert between HUSD and USD. Most of HUSD’s trading volume currently takes place on Huobi Global, Bilaxy and HBTC (BHEX).
Market data can be viewed on CMC and CoinGecko:
Other data 3rd party / public data and information can be accessed here: HUSD Data Center | Stablecoin HUSD Market Data and Statistics | Stable Universal
The list of platforms that support HUSD is long, so we will list below the major platforms that currently hold most of HUSD’s trading volume:
Stable Universal: https://www.stcoins.com/
Huobi OTC: https://c2c.huobi.me/en-us/trade/buy-husd/
Huobi Institution: Huobi Institution
Amber Group OTC: https://amberotc.com/
FTX OTC: https://otc.ftx.com/
10.Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.
11.Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
12.List any possible oracle data sources for the proposed Collateral type.