Cryptocurrency exchange Huobi has announced that it will soon list PayPal’s newly launched stablecoin, PYUSD. In a statement released on August 8th, Huobi stated that it will be the first exchange to support the launch of PYUSD and will offer PYUSD/USDT trading pairs with no trading fees permanently. However, the exchange did not provide a specific timeline for the listing, noting that it will open trading for the first time when market circulation and liquidity conditions are favorable.
According to on-chain data, a total of 26.9 million PYUSD has been issued, with only eight holders. Notably, Paxos and the address 0x264bd8 hold 99% of the stablecoin’s total supply. Huobi’s decision to list PayPal’s stablecoin comes amidst rumors of insolvency surrounding the exchange. However, Huobi dismissed these rumors, stating that it did not experience large outflows during the past week. The exchange attributed the reported outflows to errors from data sources. Furthermore, Huobi denied reports of its executives being arrested in China, referring to such news as “FUD,” and reassured its users that its platform is operating without any disruptions.
Justin Sun, founder of the Tron Network and advisor to Huobi, extended an invitation to PayPal to issue its stablecoin on the Tron blockchain. Sun highlighted the speed, security, and cost-effectiveness of the Tron network, which processes approximately $12 billion worth of transactions daily. Sun expressed optimism about the benefits of collaboration between PayPal and Tron in the digital payment landscape, emphasizing their shared vision for a thriving ecosystem.
According to data from DeFillama, Tron is the second-largest blockchain for stablecoins, hosting approximately $43.96 billion worth of assets. Tether’s USDT is currently the dominant stablecoin on the Tron network. Earlier this year, Sun revealed Tron’s plans to enhance its infrastructure in order to increase its stablecoin market cap to $60 billion by the end of the year.
With Huobi’s decision to list PayPal’s PYUSD stablecoin, it is clear that there is growing interest and trust in the potential of stablecoins. By offering trading pairs with zero fees, Huobi aims to attract more users and create a seamless trading experience for PYUSD. The invitation from Justin Sun to PayPal further highlights the enthusiasm within the industry for collaboration and the adoption of stablecoins. As the popularity and adoption of stablecoins continue to rise, it will be interesting to see how these partnerships and developments shape the future of digital payments.
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