HTX Converts Users’ Pi IOU to USDT Ahead of Official Token Launch

Ahead of the highly anticipated Pi mainnet launch scheduled on February 20, the crypto exchange HTX has shared an update for its users. The exchange shows users’ pi IOU tokens have been converted to USDT to ensure a smooth transition.

The recent disclosure comes days after the firm announced support for the network’s mainnet launch and officially delisted its IOU-based PI token.

For context, IOU stands for “I owe you.” So, the Pi IOU refers to a placeholder token representing the Pi cryptocurrency on an exchange, not the actual, fully functional mainnet version. It signifies that users can hold a claim to Pi tokens once the network becomes fully operational but cannot currently trade them on the open market as a fully functional currency. 

Therefore, with the Pi Network’s mainnet approaching, HTX has deemed the IOU version unnecessary and has opted to replace users’ PI holdings with USDT. 

HTX Completes Conversion of PI to USDT Ahead of Launch

In a February 17th update, the centralized exchange announced that it had completed the conversion of users’ PI to USDT at a rate of 1 PI = 61.28 USDT.  The token holders on HTX can check the amount of the converted fund in the Assets > Spot account.

Once the Pi mainnet launches successfully, HTX will quickly list the new token PI and open spot trading services. This move ensures that the actual token, not the IOU version, will be traded on the platform.

Pi Network is set to transition from its “Enclosed Network” phase to the Open Network on February 20. This phase will remove restrictions, allowing transactions between Pi holders and external platforms.

The project has been developing since 2019, with the team issuing no information about a mainnet launch. This prompted several critics to question the six-year wait, with many labeling it fraudulent. However, the recent announcement about the Pi launch ignited widespread enthusiasm among holders.

The platform has reportedly surpassed 30 million users thanks to its mining system, which doesn’t require any initial investment and recent updates.

Meanwhile, the transition to an open mainnet requires holders to complete the Know Your Customer (KYC) process to ensure verified users can participate in the platform and safeguard the network’s integrity.

According to project developers, users who have completed their KYC process, known as “pioneers,” can migrate their holdings and engage with early applications within the Pi ecosystem. They can perform transactions with the token freely, increasing its overall functionality and adoption.

The network currently boasts over 19 million pioneers eagerly anticipating the mainnet launch. Recently, an Indian restaurant in Amritsar hosted an event that united local pioneers.

Pi Sees Increased Market Activity

Apart from HTX, popular crypto exchanges like BitMart and CoinW have listed Pi IOUs, presenting users the opportunity to trade them with the expectation of receiving real Pi tokens once the network fully launches.

Many enthusiastic holders hope the token will see more listings on other top exchanges upon launch, which could significantly boost its market value and traders’ confidence.

The PI IOU price has increased by more than 50% in the last 24 hours and is exchanging hands at $136.36 at press time. This market value represents a notable 176.9% surge over the week, outperforming the global crypto market, which is down by 0.10%.

Moreover, the trading volume has skyrocketed by 370.20% in the last 24 hours, currently over $383 million. This uptrend signals an increased interest and rise in Pi market activity. Market data also shows that 97% of the network community is bullish over the asset. As the date of Pi mainnet draws closer, users are hoping for a seamless debut, with many sharing several price predictions.

The post HTX Converts Users’ Pi IOU to USDT Ahead of Official Token Launch appeared first on Cointab.