#Black market launches stablecoin to circumvent regulations#

The emergence of stablecoins in black markets to evade regulation reflects the ongoing trend of criminals seeking to circumvent regulatory oversight. Huione, an illicit goods trading market operating on Telegram, has launched its own stablecoin, USDH, specifically designed to bypass freezes and transfer restrictions associated with traditional digital currencies. Previously reliant on USDT, Huione opted for USDH after Tether froze its accounts, enabling it to escape regulatory constraints. USDH operates outside the purview of traditional regulatory bodies and is used for illicit activities such as money laundering and the trade of personal data. Huione boasts substantial trading volumes, involving substantial funds from "pig butchering" scams and is linked to the Cambodian corporate group Huione Group. The platform also provides money laundering services and has even been involved in the trading of electronic ankle bracelets belonging to victims of human trafficking. This incident underscores the growing trend of black markets leveraging stablecoins to evade regulation, demanding enhanced oversight and more effective anti-money laundering measures to combat cybercrime.