Huione Group, a Cambodian conglomerate linked to the largest illicit online marketplace, has launched its own stablecoin, USDH.
The news comes via an Elliptic report and comes despite ongoing scrutiny of its subsidiary, Huione Guarantee, a Telegram-based platform serving cybercriminals in Southeast Asia
Elliptic’s research revealed that Huione Guarantee has facilitated at least $24 billion in transactions, dwarfing other illicit marketplaces like Hydra. The platform is known for supporting pig butchering scams and transnational organized crime, with vendors offering money laundering services, stolen data, and tools for large-scale fraud.
Huione Guarantee has also faced significant criticism for its links to human trafficking and abusive practices at scam compounds.
This stablecoin will counteract constraints
To circumvent regulatory and financial constraints, Huione Group launched USDH in September 2024. The stablecoin, backed by the US dollar, is marketed as a way to avoid regulatory oversight, allowing users to evade freezes commonly seen with traditional stablecoins like USDT.
The launch coincides with Huione Guarantee’s ongoing efforts to rebrand itself under the name “Haowang Guarantee,” while maintaining ties to Huione Group.
In addition to the stablecoin, the conglomerate has introduced Huione Chain, its proprietary blockchain, alongside a crypto exchange, decentralized exchange, and messaging app. These developments are expected to reduce the group’s reliance on external platforms like Telegram and enhance its control over illicit transactions.
Elliptic’s findings have provided crypto exchanges and law enforcement agencies with tools to monitor and block transactions linked to Huione’s operations. Despite these efforts, Huione Guarantee continues to grow, with rising cryptocurrency inflows and an increasing number of users.
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