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Crypto exchange Huobi has announced that it will be the first crypto exchange to list PYUSD, the stablecoin released by payment giant PayPal, and will offer zero transaction fees for the PYUSD/USDT pair. The exchange is said to be trying to change the agenda by announcing the listing of PYUSD after the allegations that the top executives of the crypto exchange were arrested in China.
Huobi to Start PYUSD Trading Soon
PayPal made a significant move towards the crypto world by launching its USD-backed stablecoin in collaboration with Paxos. According to the announcement, the token will be gradually introduced to users in the US. PayPal guarantees that PYUSD is fully backed by US dollar deposits, short-term treasury bonds, and similar cash equivalents.
Just one day after PayPal’s move, Huobi announced that it will soon list and allow trading of PYUSD, the stablecoin released by PayPal on August 7. Huobi stated that it will be the first crypto exchange to support the launch of PYUSD stablecoin and offer zero transaction fees for the PYUSD/USDT pair. Although Huobi did not provide a specific date for listing PayPal’s stablecoin, it noted that the coin’s market circulation and liquidity conditions are expected to mature before trading starts.
The announcement came just one day after Justin Sun, advisor to Huobi and founder of TRON (TRX), tweeted that he hoped PayPal would consider issuing PYUSD on Tron, stating that there are mutual benefits in the digital payment space.
Is Huobi Trying to Change the Agenda?
The announcement of Huobi’s listing of PYUSD came at a time when there were rumors circulating about the arrest of top executives of the crypto exchange in China, leading to speculation that it was an attempt to change the agenda. Sun, advisor to Huobi, denied these allegations in a tweet on August 6, attaching the number “4” which is used by Binance CEO Changpeng Zhao to indicate the spread of fear, uncertainty, and doubt (FUD).
Jiayin Xie, Huobi’s social media manager, stated in an interview with The Block that Huobi continues to operate normally as usual. Xie, based in Singapore, said, “The FUD about the arrest of the exchange’s executives had some impact on us, but it was quite limited.”