Seems like cryptocurrency exchange Huobi has caused controversy with its latest decision on employee salaries.
Huobi Employees Will Have to Accept USDT or USDC Instead of Fiat Currencies
According to a recent statement, the company requires all employees to accept salaries in USDT or USDC stablecoins rather than fiat currency. Those who refuse to accept payments in these stablecoins will allegedly be fired. This decision has reportedly sparked protests among Huobi employees.
At the end of last month, there were reports from several sources that Huobi is preparing for a major layoff. They can reduce the number of employees from 1200 to 600-800. In addition, year-end bonuses have been canceled and the salaries of senior officials will be reduced.
Despite such news, Justin Sun tweeted on December 29 that he was hiring more employees. In her tweet, she drew attention to the importance of diversity in a workplace and stated that she would therefore hire female employees. Talking about it, he talked about a “more balanced and fair workplace”.
The human resources department of the company, which is de facto run by Justin Sun, is in contact with all Huobi employees to convert the payment method from fiat currency to USDT/USDC.
It’s unclear what prompted these changes at Huobi, but the decision to convert employee salaries into stablecoins has certainly sparked backlash. Stablecoins such as USDT and USDC are assets pegged to the value of a particular fiat currency.
Although they offer some advantages such as fast and inexpensive transactions, there are also risks associated with their use. Some experts warn that stablecoins may not always hold their value, and there have been cases where the value of stablecoins has dropped significantly.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!