Huione, an illicit marketplace based on Telegram, has introduced its own stablecoin, USDH, alongside a proprietary chat service, aiming to reduce dependence on platforms like Telegram and financial services like Tether. Huione was previously reliant on Tether for transactions, but after the freezing of one of their accounts linked to North Korean activities, they decided to launch USDH to bypass traditional regulatory restrictions on transfers. Blockchain security firm Elliptic has reported that Huione has facilitated $24 billion in transactions related to money laundering, data theft, and various scams, including notorious pig butchering operations. The marketplace operates primarily in Chinese and is associated with Huione Group, a conglomerate in Cambodia. Elliptic's research indicates a vast infrastructure of vendors providing illegal services, ranging from money laundering to trafficking tools. This development showcases Huione's efforts to create a self-contained ecosystem free from outside regulation.

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