HTX removes PI token, converting user balances to USDT ahead of Pi Network’s mainnet launch, as speculation and exchange listings grow.
By Temitope Olatunji
Edited by Marco T. Lanz
Updated
3 mins read
HTX has officially removed PI token from its platform and will convert users’ holdings into USDT as Pi Network prepares for its mainnet launch. Trading for the PI/USDT pair was halted at 08:00 UTC on February 13, 2025, with PI tokens to be converted at a fixed rate of 1 PI = 61.28 USDT, based on the final trading price.
The exchange previously listed PI as an IOU, meaning it was a placeholder token rather than the real, fully functional mainnet version. With Pi Network’s mainnet approaching, HTX has deemed the IOU version unnecessary and has opted to replace users’ PI holdings with USDT. The converted funds will be credited to users’ Spot accounts, ensuring a smooth transition.
All open orders for the PI/USDT trading pair were automatically canceled following the delisting. The exchange has reassured users that it will support the real PI token once the mainnet goes live and plans to relist PI for trading in the near future. The exchange stated:
“HTX will convert affected users’ PI holdings into USDT at a ratio of 1:61.28 based on the halt price of PI. Once the conversion is complete, an additional announcement will be issued. Additionally, once the mainnet launches successfully, HTX will quickly list the new token PI and open spot trading services.”
Pi Network announced on February 11 that it will transition from its Enclosed Network phase to the Open Network period of the mainnet on February 20, 2025, at 08:00 UTC. The platform added that mainnet migrations have exceeded 10.14 million, surpassing the initial target of 10 million. This progress follows enhancements introduced in the latest roadmap update. The team indicated they are preparing to launch an ecosystem where the PI token can be used for practical applications.
Pi Network has been in the making since 2019, and the extended timeline has drawn criticism, with some media sources and skeptics questioning its credibility. Recently, Bybit CEO Ben Zhou dismissed the prospect of joining PI, calling it ridiculous. For years, the team remained silent about when its blockchain would go live, fueling further uncertainty around the project.
However, despite the criticism, some exchanges, including OKX and Bitget, have announced they will list PI for spot trading. The listing on top exchanges could boost traders’ confidence in the token upon the real PI token launch.
The PI IOU price has increased by more than 2% in the last 24 hours and is currently trading at $61.29. However, the trading volume has declined by over 26% within the same period.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
