Cryptocurrency exchange Huobi has made an announcement that it will soon list PayPal’s newly launched stablecoin, PYUSD. This move positions Huobi as the first exchange to support the launch of PYUSD, offering PYUSD/USDT trading pairs with zero trading fees permanently. While Huobi has not provided a definite timeline for the listing, it has stated that it will open trading as soon as the market conditions are ripe.
Examining on-chain data, it is observed that 26.9 million PYUSD has already been issued, with only eight holders. Paxos and an address named 0x264bd8 hold 99% of the total supply of this stablecoin. Despite recent insolvency rumors surrounding Huobi, the exchange has not experienced significant outflows in the past week, contradicting reports from various media platforms. Huobi’s spokesperson has attributed the reported outflows to errors in data sources.
Huobi has taken a proactive approach to address the rumors. On August 7th, the exchange vehemently denied any reports of its executives being arrested in China, dismissing them as “FUD” (fear, uncertainty, and doubt). Huobi clearly stated that its platform is operating as usual, with active participation from its users. Likewise, Justin Sun, the founder of Tron Network and advisor to Huobi, refuted all the rumors as well. He urged the community to trust in their vision and efforts for a stronger future, stating that perseverance guarantees success.
On the same day, Sun extended an invitation to PayPal to consider issuing PYUSD on Tron, highlighting the network’s fast, secure, and cost-effective capabilities, with a daily transaction volume of $12 billion. Sun emphasized the potential mutual benefits that could arise from collaboration in the digital payment landscape, aiming for a thriving ecosystem.
Analyzing DeFillama data, Tron emerges as the second-largest blockchain for stablecoins, boasting approximately $43.96 billion worth of assets on the network. Tether’s USDT is currently the dominant stablecoin on Tron. Earlier this year, Sun expressed Tron’s ambition to improve its infrastructure and increase its stablecoin market cap to $60 billion by the year’s end.
As Huobi prepares to list PayPal’s PYUSD stablecoin, it aims to dispel any rumors of insolvency and reassure its users of its operational stability. With the invitation to PayPal from both Huobi and Justin Sun, it remains to be seen whether the collaboration and integration of PYUSD into Tron will come to fruition. Nevertheless, the cryptocurrency community eagerly awaits the developments surrounding PYUSD and the potential impact it may have in the digital payment landscape.