Cryptocurrency exchange Huobi has announced that it will soon list PayPal’s newly launched stablecoin, PYUSD. This makes Huobi the first exchange to offer support for the stablecoin, and it will provide PYUSD/USDT trading pairs with zero trading fees permanently. The exchange, however, did not provide a specific timeline for when the listing will occur and stated that it will open trading when the market circulation and liquidity conditions become favorable.
On-chain Data Highlights PYUSD Supply
With a total supply of 26.9 million PYUSD, on-chain data shows that the stablecoin is currently held by only eight holders. Notably, Paxos and the address 0x264bd8 hold 99% of the total supply. Huobi’s decision to list PYUSD aims to provide users with access to this new stablecoin option.
Huobi’s Response to Recent Rumors
Huobi’s announcement of listing PYUSD comes amidst rumors of insolvency surrounding the exchange. However, the exchange has clarified that it did not experience large outflows in the past week, contrary to reports from various media platforms. Huobi attributes these rumors to errors in data sources. Additionally, the exchange denies any reports of its executives being arrested in China and assures users that its platform is operating normally.
Support from Huobi Advisor and Tron Network Founder
Justin Sun, the founder of Tron Network and an advisor to Huobi, stands in support of the exchange and dismisses the insolvency rumors. He urges users to trust in the vision and community efforts for a stronger future. Sun also extended an invitation to PayPal to consider issuing PYUSD on the Tron blockchain network, highlighting its speed, security, and cost-effectiveness with $12 billion in daily transactions. Tron currently stands as the second-largest blockchain for stablecoins, with approximately $43.96 billion worth of assets on its network. The dominant stablecoin on Tron is Tether’s USDT.
Tron’s Ambitious Plans for Stablecoin Market Cap
Earlier this year, Sun expressed his goal of growing Tron’s stablecoin market cap to $60 billion by the end of the year. This indicates the network’s commitment to bolstering its infrastructure and expanding its influence in the stablecoin market. The collaboration with PayPal and the listing of PYUSD on Huobi can contribute to the achievement of this ambitious target.
Huobi’s decision to list PayPal’s PYUSD stablecoin showcases its commitment to offering a diverse range of assets to its users. This move comes amidst rumors surrounding the exchange, which Huobi has firmly denied. With the support of Justin Sun and the Tron Network, Huobi aims to provide a thriving ecosystem for digital payments, inviting collaboration and mutual benefits. The listing of PYUSD on Huobi and its potential issuance on Tron’s blockchain network signify the market’s growing interest in stablecoins, paving the way for further innovation and adoption in the cryptocurrency space.