Hi Guys, just want to know the community’s interest about adding stablecoin HUSD on AAVE.
Since the proposal has been discussed, details can be checked here:
Proposal: Add Support for HUSD stablecoin
Here is the poll:
According to @stani 's post on Uni ([POLL] Should UNI Be Listed as an Aasset?).
We can follow the AAVE risk assessment framework to evaluate the new asset in a objective and quantifiable way.
source: https://docs.aave.com/risk/asset-risk/risks-per-assetrisk%20assessment
HUSD
HUSD is a stablecoins launched by Stable Universal with a partnership with Paxos Trust. Before AAVE, HUSD has been supported by Curve, Tokenlon , Uniswap, Mooniswap (in liquidity mining program), dForce, ForTube. And other DeFi protocols are in the progress to support HUSD: Cream (voting is going on), MakerDAO (community green light)
HUSD Smart contract Risk: C+
The HUSD contract launched in July 2019 has a small number of transactions, just like BUSD most of the transactions are likely to happen off-chain on the centralized exchange like Huobi, FTX and HBTC.
Since the smart contract is so recent, HUSD is not suggested to be used as collateral at present time.
HUSD Counterparty Risk: B-
HUSD is centralized and backed by real USD, with the same custodian as BUSD, with a centralization risk factor at D+ and trust level at A. (same score as USDC and BUSD)
The administrative feature is, Stable Universal is the issuer and Paxos Trust is the custodian. A monthly audit attests to the consistency of the USD bank reserves versus the on-chain circulation supply of USD.
HUSD Market Risk: B-
The market capitalisation of HUSD has reached $280M now, which the 6th stablecoin in the world, larger than TUSD, sUSD.The trading volume for HUSD is around $22 million a day, mostly happened on Huobi and HBTC. (this volume is same as DAI when the assessment done on DAI )As a stablecoin backed by USD, the volatility is very low.
Result：
According to the AAVE risk assessment framework, the risk rate of HUSD is lower than BUSD and higher than sUSD.
Source:
https://docs.aave.com/risk/asset-risk/risks-per-asset#stablecoins
Really detailed work, appreciate it.
I think HUSD has lots to improve in the future, and with the support of great platform & community like AAVE , that will be more promising.
Why not? It’s good to add stable assets, AAVE needs more Asian power.
I am OK with this. HUSD is not my stablecoin choice, but others may have interest to use this coin.
OK, I think this stablecoin should not be used as collatera in the beginning if on-board.
Thank you for your suggestion. Maybe can you share why you didn’t choose HUSD? I want to know more and maybe there is something I can help with.
Hi All,
I am glad to share lastest news with AAVE community:
CREAM has supported HUSD:
WePiggy will support HUSD liquidity mining
And will add HUSD lending pool later
Thank you for your supporting.
There are Bills being proposed by the US that may become Laws that will affect Stable coins. That said, are we going to need to see Stable coins that can be mined? Like PegNet stable coin? It kind of looks like HUSD is a Centralized coin. If Bitcoin cannot be stopped because there is no one entity to come after then should we promote a POW mined stable coin? Or is the mission of Aave to merge DeFi with CeFi? In which case liquidity is the goal and all coins adding value are welcome so long as they have all the bugs sorted out of them.
Sure, HUSD is a stablecoin issued by a centralized organization. But it is not only one centralized stablecoin, so does USDC, USDT, TUSD, BUSD which already suppported by AAVE. And for USDT, it is both centralized and non-transparent, one more thing is Tether is already threatened by NYDFS.If the topic is about this, how about we start another proposal about executing all centralized stablecoins and maybe start with USDT.
I don’t think centralized stablecoin is an ultimate stablecoin solution, it does have some problems or issues. (You know even Bitcoin is not perfect, right? ) However, I think for the current stage centralized, assets backed stablecoin at least can be relatively “stable”, and they do attracted fiat money users/traditional institutions to come closer to blockchain world. Since it’s most easy to understand , use and trust for most of the people around the world.
Rome is not built in one day, before we have the ultimate solution, we should think of alternatives. For now the most important thing is, in centralized stablecoins, whether HUSD is a better choice.
My answer is yes, since at least HUSD is more transparent than Tether’s USDT.
You are welcome to discuss more.
I agree about USDT. Very opaque. Something not right with that stable coin. I smell counterfeit fraud (just my currently unprovable perspective). I really like how RSV is evolving and I really think this is a great stable coin to vote on to be added now or down the road. https://reserve.org/our-vision
Sure, reserve is interesting for me. The marketcap of RSR is really high and impressive, but the circulation of RSV as well as the stability still needs improve. But still, that’s a project with great vision.
Hi all, here is update from HUSD community.
HUSD strategy has been supported on harvest and 88mph
Thank you all.
How about PegNet stable coin being added down the road? Fully decentralized.
Dear @Alex_BertoG , it would be very nice to have the Risk Team to rate HUSD as well. Since the community has made one.Thank you very much.
Hi All,
I am here to bring some updates about HUSD.
According to the most updated info from 3rd party platform (DeBank).
We can see the market cap of HUSD is coming close to TUSD now. And the on chain transcaction is growing rapidly as well.
HUSD is running on multi chain now, and will be supported by more blockchains soon.
If we take a look at the data on HECO (Huobi ECO chain), we can clear see the strong activities of HUSD.
The users demand of HUSD is fast growing, and hope AAVE can support HUSD to meet different needs, to serve more users. That’s openess and will benifit more people.
Thanks.
Hi All,
I am here to share more info about HUSD.
HUSD now is a crosschain asset, HUSD and HUSD pegged asset is available on etherum, HECO, IOST and Solana.
On HECO Chain, HUSD is one of the most used stablecoin supported by multiple lending protocol, DEX, Vaults and so on.
So for AAVE, it will be nice to have HUSD on board to add more TVL to the protocol, and meet the needs from more market.
Hope to see more advices or suggestions from the community, thank you.
