Huione, a Telegram-based illicit marketplace that offers personal data and money laundering services has rolled out its own stablecoin, according to report by blockchain security firm Elliptic.

Blockchain analytics firm Elliptic reports that Huione Group – the Cambodia‑based operator of the now‑sanctioned Huione Guarantee Telegram marketplace – has launched its own U.S. dollar‑pegged stablecoin, USDH, to support an ecosystem that has already processed tens of billions of dollars in suspected illicit transactions. Elliptic’s analysis links the new token to Huione’s existing crypto infrastructure and ongoing activity on Telegram despite previous takedowns, framing USDH as an attempt to gain more direct control over payment rails that were previously dominated by third‑party stablecoins such as Tether’s USDT. According to Elliptic and follow‑on coverage, Huione Guarantee (also known as Haowang Guarantee) functioned as a large Chinese‑language “guarantee marketplace” on Telegram, acting as escrow for merchants selling tools and services used in online scams, including personal data, fraud infrastructure, and money laundering services – with total transaction volume estimated at $27–31 billion, all or mostly in USDT on TRON. The wider Huione Group has been identified as a central financial conduit for cyber‑enabled crime in Southeast Asia, including so‑called pig‑butchering investment scams and services linked to human trafficking compounds, and has received at least $81–98 billion in crypto since 2021, leading to a U.S. Treasury designation in 2025 as a money‑laundering operation. Against that backdrop, the launch of USDH is viewed by compliance and law‑enforcement experts as significant because an in‑house stablecoin could make it harder to apply pressure via mainstream issuers such as Tether, complicating sanctions enforcement, asset freezes, and broader efforts to disrupt Telegram‑based guarantee markets that have become key infrastructure for global online fraud.

✨ AI-generated background, compiled from web sources — not editorial content.

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