Huobi, a prominent cryptocurrency exchange, has announced its status as the pioneering platform to facilitate the launch of PayPal’s PYUSD stablecoin. Huobi has introduced a permanent zero-fee trading pair for PYUSD/USDT as part of this collaboration.
The trading activities are slated to commence once liquidity reaches optimal levels. Notably, Justin Sun, a key figure in the blockchain realm, had previously extended an invitation to PYUSD for issuance on the TRON network.
Amidst growing anticipation, previously, Justin Sun took to Twitter, expressing his invitation to PayPal to explore issuing PYUSD on TRON. Sun emphasized the attributes of TRON, citing its exceptional speed, security, and cost-effectiveness, which are accompanied by a staggering daily transaction volume of 12 billion USD. He underscored the potential for mutual benefits within the digital payment landscape and advocated for collaboration to foster a thriving ecosystem.
A statement released by Huobi underscores the exchange’s commitment to fostering cooperative relationships with esteemed projects and institutions within the blockchain domain, with the shared goal of advancing industry development.
This commitment is now manifested through Huobi’s pioneering support of the PYUSD stablecoin launch, coupled with the provision of the PYUSD/USDT trading pair featuring a permanent zero trading fee.
The exchange pledges to initiate trading activities as soon as the market experiences sufficient circulation and liquidity. Traders and enthusiasts are urged to remain attentive to forthcoming announcements from Huobi regarding the opening of the PYUSD/USDT trading pair.
PYUSD, denoting PayPal’s USD-backed stablecoin, serves as a vehicle for seamless transfers and payments in U.S. dollars. Issued by the Paxos Trust Company, PYUSD boasts full backing through U.S. dollar deposits, short-term U.S. treasury bonds, and similar cash equivalents. At present, the total issuance of PYUSD has reached 26.9 million units.
Denials & Speculations Surrounding Huobi Executives
Recent reports suggesting the arrest of several Huobi executives in China have been met with a strong denial from a spokesperson for the exchange. Over the weekend, financial outlets in Hong Kong disseminated news that law enforcement authorities in China had taken away several high-ranking executives associated with Huobi. These arrests allegedly coincided with an increased outflow of assets from the exchange.
Huobi’s stablecoin-related balances have experienced a notable decline, with a 33% reduction reported over the past week, resulting in a withdrawal of approximately $49 million in stablecoins. Notably, this decline in stablecoin balances comes amidst ongoing rumors regarding the apprehension and investigation of senior executives from various offshore cryptocurrency exchanges by Chinese law enforcement.
Related Reading | PayPal’s PYUSD: Revolutionizing Payments With Fully-Backed Stablecoin Innovation