Huobi announces no-fee trading for PayPal’s $26M market cap PYUSD Huobi announces no-fee trading for PayPal’s $26M market cap PYUSD
Huobi advisor Justin Sun has invited PayPal to issue the stablecoin on Tron.
2 min read
Updated: Aug. 8, 2023 at 2:11 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cryptocurrency exchange Huobi said it would list the newly launched PayPal’s PYUSD stablecoin soon, as per an Aug. 8 statement.
Huobi said it would be the first cryptocurrency exchange “to support the launch of PYUSD stablecoin and will provide PYUSD/USDT trading pairs with 0 trading fee permanently.”
Huobi failed to provide a definite timeline for when the listing would occur. However, it said it “will open trading for the first time” immediately “when the market circulation and liquidity conditions are ripe.”
On-chain data shows that 26.9 million PYUSD has been issued, with only eight holders. Paxos and an address, 0x264bd8, hold 99% of the stablecoin total supply.
Huobi battles insolvency rumors.
Huobi intends to list the PayPal stablecoin amid recent insolvency rumors surrounding the exchange.
CryptoSlate reported that Huobi did not record large outflows during the past week, as reported across various media platforms. A Huobi spokesperson blamed the reported outflows on errors from data sources.
On Aug. 7, Huobi further denied any reports that its executives were arrested in China, describing the news as “FUD,” and added that its platform was operating as usual and seeing active participation.
Justin Sun, Tron Network’s founder and Huobi advisor, also denied all of these rumors, saying:
“Trust in our vision and community efforts for a stronger future. Perseverance guarantees success!”
Sun urges PayPal to issue PYUSD on Tron
On Aug. 7, Sun invited PayPal to issue its newly launched stablecoin on his blockchain network, Tron.
Sun said:
“I cordially invite PayPal to consider issuing PYUSD on #TRON, which is Fast, secure, and cost-effective with 12 billion USD daily transactions. Mutual benefits await in the digital payment landscape. Let’s collaborate for a thriving ecosystem!”
According to DeFillama data, Tron is the second-largest blockchain for stablecoins, with around $43.96 billion worth of assets on the network. Tether’s USDT is the dominant stablecoin on Tron.
Earlier in the year, Sun said Tron was improving its infrastructure to grow its stablecoin market cap to $60 billion before the end of the year.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
PayPal
PayPal is an American multinational financial technology firm that operates an online payment system in most countries that permits online money transfers and serves as an electronic replacement for conventional paper methods like checks and money orders.
Paxos
Paxos Trust Company, LLC is a regulated blockchain infrastructure company building transparent and transformative financial solutions.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
