【Asset Onboarding】Proposal: Add Support For HUSD

Hi All,

Here comes my new proposal for adding new U.S. dollar stablecoin for DMM protocol.

As an asian trader, I propose HUSD is a good choice to be added to DMM protocol and mHUSD can be supported as well.

Here is the information about HUSD I have collected:

HUSD is issued by Stable Universal limited, a company registered on BVI. HUSD can be traded on Huobi Global (and some other Huobi sites, like Huobi Argentina etc.), HBTC.COM, HOO.COM and some other CEXs.

For defi perspective, HUSD has been supported by tokenlon, kyber network and uniswap (added in default list). HUSD has passed the MakerDAO collectral voting, and has been supported by Bidao protocol.

Things To Discuss
Any problems, risks, concerns to add HUSD
The initial debt celiling of HUSD

Appendix
Official Website: https://www.stcoins.com/
Data Center:https://www.stcoins.com/data
Skew:https://analytics.skew.com/dashboard/stable-coins
MakerDAO Application:https://forum.makerdao.com/t/husd-mip6-collateral-onboarding-application/2991/6

Data of HUSD
Stablecoin Ranking: #7
Circulating Marketcap: 132 million Accumulated issuance: 2 billion
Trading Volume (24 hours): $ 20 million

Thanks.

3 Likes

I like it! Sounds like a widely used stable coin and a perfect for m tokens

2 Likes

Although I am not a financial “expert”, the audit reports are comprehensive and systematically done monthly . The website for HUSD is aesthetically pleasing and easy to navigate and understand. I think it would be beneficial to the DMM ecosystem to add it as mHUSD with a ceiling of $8m.

1 Like

Seems like a good idea to expand the ecosystem. I’m assuming they would eventually be farmed for dmg? Expanding the ecosystem is net positive though :+1:

2 Likes

No red flags at first glance. And with HUSD und DMM both affiliated with Huobi, adding HUSD as an asset may be a good idea to expand the DMM Ecosystem.

2 Likes

I’d agree with the overall consensus that this seems like a good idea at first glance.

We’d need more discussion about the ceiling - is $8M the right number? It seems like that is the default at this point, but I’m wondering why/how we came to this figure. Especially with HUSD - $8M is the equivalent of 6% of the circulating market cap.

For a coin with such a small market cap I’d say an initial $1M ceiling is a more obtainable number. As I’ve discussed in other threads, I don’t believe just throwing out a huge number is the best way to create excitement over something. There has to be some sense of urgency, if you ask me.

2 Likes

Agree with you @nightbringer scarcity would create a complellent value proposition for those HUSD holders to lock and issue mHUSD

1 Like

I think $8M for the initial number is not bad

I guess my question is - why? How did you come to that number?

If we all feel that $8M is the right number just because we like it, then that’s OK, but I think it’s important to understand the reasons and put it into context. From a market cap perspective, that would be like having a mUSDT cap of $822M or an mETH cap of 6,746,199 tokens.

1 Like

Just checking in to see if this will be proposed / added in the near future? I’m looking forward to it hopefully happening soon!