Blockchain security company Elliptic has revealed that online trading platform Huione, which is used for illegal activities, has released stablecoin USDH pegged to the dollar. This happened in September 2024.
According to Elliptic, Huione is marketing USDH as a solution for users looking to bypass the limitations imposed by traditional stablecoins such as USDT and USD Coin (USDC).
Huione is the largest illegal online marketplace with transactions exceeding $24 billion. In 2024, its turnover will almost reach $10 billion.
Unlike USDT companies Tether and Circle's USDC, USDH is not subject to freezes or transfer restrictions by the issuer or regulators.
Steyblecoin USDH is presented on blockchains Ethereum ,BSC, Tron and on Huione's own Xone network. At the same time, the Huione team created a crypto wallet and a decentralized exchange (DEX).
In addition, Huione launched its first dedicated crypto exchange, Huione Crypto, in September 2024. This platform allows users to trade USDH against cryptocurrencies such as Bitcoin , ETH, TRX, Solana и Dogecoin .
The Poland-based exchange targets European users and offers language support for the Chinese market.