Blockchain security firm Elliptic reported that Huione—an online marketplace platform used for illicit activities—has launched USDH, a dollar-pegged stablecoin.
Elliptic claims that Huione USDH is a viable alternative for those users who want to avoid the limitations imposed on them by stablecoins such as USDT or USD Coin (USDC). The asset launched in September of 2024.
Huione, the biggest illicit online market with over $24 billion in transactions, is the most popular. It recorded almost $10 billion worth of transactions in 2024.
USDH
Unlike Tether’s USDT and Circle’s USDC, USDH is not subject to freezing or transfer limitations enforced by issuers. USDH’s lack of oversight by regulators makes it attractive for bad actors.
Both Tether and Circle took action in the past against wallets that were linked with illegal activity. For instance, Tether has frozen wallets associated with stolen funds from North Korea’s Lazarus Group, while Circle also has disabled wallets holding USDC from various crypto hacks.
Huione supports USDT, but USDH is a better alternative. The stablecoin is available on Ethereum, BSC, Tron, and Huione’s proprietary Xone chain.
Huione, in order to expand its offering, has launched a cryptocurrency wallet and a DEX. It also tried an Initial Coin Offering (ICO) of its HC Token. These initiatives aim to boost USDH’s accessibility.
Expansion efforts
Huione has also expanded its product line beyond USD despite increased scrutiny. Recently, Huione introduced ChatMe – a messaging application designed to mimic Telegram.
ChatMe allows users to create group chats and bots, key tools for Huione’s marketplace operations. The app is integrated with Huione Chain and supports blockchain features such as payments.
Huione also launched its Huione-Crypto exchange in September of 2024. The platform allows users to trade USDH along with cryptocurrencies such as Bitcoin, ETH. TRX, Solana and Dogecoin.
The exchange is based in Poland and targets European users. It also offers support for Chinese language.
Huione’s latest developments signal its intent to expand its influence in the crypto space, even as it faces ongoing scrutiny for its controversial activities.
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