Huione Guarantee, dubbed as the 'largest illicit online marketplace', has seen a significant 51% growth over the past six months due to its September launch of a stablecoin USDH.
Launch of USD Stablecoin and Its Impact
Huione Guarantee's growth was significantly boosted by the September launch of its USDH stablecoin aimed at avoiding regulatory oversight. USDH was issued on multiple blockchains, including Ethereum, BNB Chain, and Tron.
Elliptic Investigation and Findings
Elliptic reported that monthly inflows increased by 51% and the user base has surpassed 900,000. The platform represents the largest illicit online marketplace, heavily contributing to money laundering operations in Southeast Asia.
Huione's Technological Developments
Huione launched its own blockchain Huione Chain and a decentralized exchange, alongside a messaging service, which reduces reliance on third-party apps like Telegram.
Huione Guarantee's latest advancements highlight rapid growth and technological innovation. However, the platform remains under scrutiny due to suspected involvement in illicit activities.
