Huobi announces the upcoming PYUSD listing
Huobi announces the upcoming PYUSD listing
Cryptocurrency exchange Huobi announced that it will support the listing of PayPal's stablecoin, PYUSD in order to support high-quality and promising projects that contribute to the development of the industry.
The exchange emphasized that it will be the first platform to support the listing of the PYUSD stablecoin and provide the PYUSD/USDT trading pair with a permanent zero processing fee.
Huobi did not provide any data on the timing of the launch of trading the PYUSD/USDT crypto pair, but clarified that it will happen as soon as the necessary liquidity conditions are formed in the market.
It is worth noting that the listing of PYUSD comes at a time when the media is reporting about the possible financial instability of Huobi.
Earlier, well-known analyst Adam Cochran said that the financial obligations of the exchange do not look balanced at all. He linked this to the mass sale of Tether (USDT) by Binance, the police interrogation of Huobi and Tron representatives, and the shortage of USDT assets, which in his opinion is related to the actions of Justin Sun.
However, Huobi denied all reports about the arrest of its executives in China, calling it a rumor, and saying that information about the outflow of funds is an error of data sources.
Meanwhile, on August 8, Huobi's cryptocurrency reserves in USDT jumped from $85 million to $285 million. Many media outlets pointed out that the increase in USDT reserves followed a transaction from a wallet linked to Tron founder Justin Sun.
PayPal USD (PYUSD) is a US dollar-pegged stablecoin issued by PayPal. The coin is 100% backed by US dollar deposits, short-term U.S. Treasuries and similar cash equivalents. PYUSD is issued by the Paxos Trust Company.
Also read: A Hong Kong regulator warns cryptocurrency exchanges of increased scrutiny.
