The Huione Group, a Cambodian conglomerate linked to the largest online illicit market, has launched its own stablecoin, USDH.

News comes via Elliptic's report comes despite ongoing scrutiny of its subsidiary Huione Guarantee, A cableA platform based on serving cybercriminals in Southeast Asia

Elliptic research revealed that Huione escrow facilitated at least $24 billion in transactions, dwarfing other illicit markets such as Hydra. The platform is known for its support Pig slaughter scams and transnational organized crime, where vendors provide money laundering services, stolen data, and fraud tools on a large scale.

Huione Daman has also faced significant criticism over her links to human trafficking and abusive practices in scam complexes.

This stablecoin will address restrictions

To circumvent regulatory and financial restrictions, the 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 the freeze that typically occurs with traditional stablecoins such as USDT.

The launch coincides with Huione Guarantee's ongoing efforts to rebrand itself as "Haowang Guarantee", while maintaining ties with the Huione Group.

In addition to the stablecoin, the group introduced Huione Chain, its own blockchain, along with a cryptocurrency exchange, decentralized exchange, and messaging app. These developments are expected to reduce the organization's dependence on external platforms such as Telegram and strengthen its control over illicit transactions.

Elliptic's findings have provided cryptocurrency exchanges and law enforcement agencies with tools to monitor and block transactions associated with Huione's operations. Despite these efforts, Huione Guarantee continues to grow, as cryptocurrency flows rise and the number of users increases.