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- Huione launched USDH stablecoin to bypass intermediaries after Tether froze accounts linked to North Korea’s Lazarus Group.
- USDH aims to reduce volatility and enable seamless transactions while raising concerns over potential misuse for illicit activities.
Huione, an illicit goods marketplace, has abandoned Tether and established its own stablecoin, USDH. This development follows Tether’s purportedly related to North Korea’s Lazarus Group freezing of Huione’s accounts, which greatly interfered with Huione’s operations.
Launching USDH, Huione hopes to avoid middlemen and legal constraints, allowing more smooth transactions inside its ecosystem.
HUIONE DITCHES TETHER, ROLLS OUT ITS OWN STABLECOIN
Illicit goods marketplace Huione just launched its stablecoin, USDH, promising no regulatory restrictions.
After Tether froze their account linked to North Korea’s Lazarus Group, Huione’s move screams: “No more middlemen!”… pic.twitter.com/oaqZJGbWpW
— Mario Nawfal’s Roundtable (@RoundtableSpace) January 14, 2025
USDH: A Step Toward Financial Independence Amid Regulatory Concerns
Designed as a stablecoin matched 1:1 with the US dollar, USDH promises dependability and lower market volatility. Sources claim that the token supports several uses, including decentralized finance (DeFi), international remittances, cross-border payments, and smart contracts by easily merging into Huione’s activities.
Though USDH guarantees freedom, questions remain over its possible usage, especially considering Huione’s involvement with illicit activity.
Key player in the industry, Huione Guarantee has apparently enabled transactions worth around $24 billion, and activity has increased notably since last summer. Though in dubious circumstances, this volume emphasizes the platform’s major importance in the larger digital economy.
Huione now uses Telegram for its activities, but the arrival of USDH could indicate a move toward creating a more closed ecosystem to lessen the effect of outside legislative acts.
USDH’s development fits Huione’s more general plan to evade government control, therefore guaranteeing that its financial operations stay free. Still, this action begs important issues regarding the consequences for world initiatives to reduce illegal activity enabled by such markets.
Critics contend that USDH’s introduction could allow more advanced techniques of avoiding enforcement proceedings, therefore challenging authorities trying to control the digital financial space.
On the other hand, CNF previously reported that Tether must go through a 6-18 month transition period to follow EU Markets in Crypto-Assets (MiCA) rules. These criteria cover making sure enough reserves and liquidity policies are followed.
Assigned to guide Tether beyond these legal obstacles, Michael Hilliard is guiding the business through increasing uncertainty, especially as exchanges like Coinbase delisted USDT while waiting for regulatory clarity.
