The Inside Story of Huobi's Heco-Peg Tokens

About 6 months ago, we noted some odd behaviours around Huobi's HUSD stablecoin and its relationship with stablecoin service provider Paxos. With recent upheaval at Huobi in the news, and fresh questions about how Binance's Binance-Peg mechanism really works, it is worth digging into Huobi's equivalent: Heco-Peg assets on Huobi Eco Chain.