Leading cryptocurrency exchange Huobi recently announced that it would be listing PayPal’s newly launched stablecoin, PYUSD. In a statement released on August 8th, Huobi revealed that it would be the first exchange to support the launch of PYUSD, offering trading pairs with USDT and implementing a 0 trading fee permanently. While Huobi did not provide a specific timeline for the listing, it did mention that it would open trading for PYUSD as soon as market circulation and liquidity conditions were favorable.

An overview of PYUSD’s on-chain data

On-chain data indicates that 26.9 million PYUSD tokens have already been issued, with only eight holders currently. Notably, Paxos and the address 0x264bd8 account for 99% of the total supply of this stablecoin. Huobi’s decision to list PYUSD comes in the midst of rumors circulating about the exchange’s insolvency.

Huobi denies insolvency rumors

Contrary to reports in various media platforms, there have been no major outflows recorded from Huobi in the past week. A spokesperson for the exchange attributed the rumors to inaccuracies in data sources, emphasizing that the platform was operating as usual and experiencing active participation from users. Furthermore, Huobi advisor Justin Sun, founder of the Tron Network, also dismissed the insolvency rumors, urging users to trust in their vision and community efforts for a stronger future.

Huobi’s invitation to PayPal

In an interesting turn of events, Justin Sun invited PayPal to consider issuing PYUSD on the Tron blockchain. Sun highlighted Tron’s fast, secure, and cost-effective nature, along with its daily transactions worth $12 billion, as key reasons for this collaboration. As of now, Tron is the second-largest blockchain for stablecoins, holding approximately $43.96 billion worth of assets on its network, with Tether’s USDT being the dominant stablecoin. Sun previously mentioned that Tron aims to increase its stablecoin market cap to $60 billion by the end of the year, illustrating its commitment to expanding in this space.

The announcement of Huobi’s plan to list PYUSD has generated significant anticipation within the cryptocurrency community. Traders and investors are eagerly awaiting the launch of this stablecoin, as it is expected to provide more options for conducting transactions and reduce reliance on traditional fiat currencies. With Huobi leading the way, the listing of PYUSD is poised to bring about further innovation and opportunities in the cryptocurrency market.

Huobi’s decision to list PayPal’s stablecoin PYUSD demonstrates the exchange’s commitment to offering diverse and innovative trading options to its users. The listing of PYUSD on Huobi, combined with Justin Sun’s invitation for PayPal to consider partnering with Tron, signifies the growing importance of stablecoins in the digital payment landscape. As the cryptocurrency industry continues to evolve, collaborations and initiatives like these pave the way for a thriving ecosystem that benefits both users and the broader community.

Exchanges

Articles You May Like

Bitcoin’s Price Movement in Light of the Fed’s Interest Rate Decision
Lido DAO (LDO) Price Reaches Three-Week High Amid Market Recovery
Coinbase Plans to Revolutionize Direct Deposits with Blockchain-based Stablecoin Settlements
Bitcoin Dominance Increases Amid Altcoin Market Rout

Leave a Reply

Your email address will not be published. Required fields are marked *