Huobi plans to list PayPal stablecoin 'soon'

Huobi said today that it will soon list PYUSD, a stablecoin launched Monday by PayPal.

The crypto exchange said in a statement that it will be “the first exchange to support the launch of PYUSD stablecoin, and will provide PYUSD/USDT trading pairs with zero trading fee permanently.”

Huobi, however, did not specify when it will list PayPal's stablecoin. “When the market circulation and liquidity conditions are ripe, Huobi will open trading at the first time,” the company said.

Its announcement came just a day after Huobi advisor and Tron founder Justin Sun tweeted that he hoped to invite PayPal to consider issuing PYUSD on Tron. “Mutual benefits await in the digital payment landscape,” Sun wrote in the tweet.

PayPal launched its own U.S. dollar stablecoin in collaboration with Paxos, and said in a release that the token will be gradually made available to users in the United States. The payments giant said U.S. dollar deposits, short-term treasuries and similar cash equivalents would fully back PYUSD.

Huobi rumors are swirling

Huobi’s announcement on potentially listing PYUSD came as the exchange still faces what it claimed were rumors surrounding the supposed arrests of its executives in China, reported by a Hong Kong media outlet.

Huobi advisor Justin Sun tweeted “4” on Sunday, a commonly-used phrase in the crypto community — coined by Binance boss Changpeng Zhao — when faced with so-called FUD (fear, uncertainty and doubt). 

Jiayin Xie, Huobi’s head of social media, told The Block today that Huobi’s operation remains normal. “The FUD surrounding the executive arrests did have some impact on us but not much,” Xie, who’s based in Singapore, said.

Sun also retweeted an earlier post of Xie refusing the rumor.