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Huobi Announces Listing of PayPal’s PYUSD Stablecoin by September 7th

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Huobi, the Seychelles-based cryptocurrency exchange, has officially announced that it will list PayPal’s PYUSD stablecoin on its platform by September 7th.

The PYUSD listing schedule has been confirmed, with deposits for PYUSD opening today at 03:30 (UTC). Spot trading pairs, such as PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD, will become available once the deposit volume aligns with market demand. An official announcement will precede the launch of these spot trading pairs.

Following the listing, withdrawals will be enabled by 11:00 (UTC).

PayPal introduced its stablecoin, PYUSD, about a month ago to promote the use of digital tokens for payments. Paxos Trust Co. was responsible for issuing this Ethereum-based stablecoin, which is fully backed by US Dollar deposits, cash equivalents, and short-term Treasuries. PayPal’s CEO, Dan Schulman, expressed the long-term vision of integrating PayPal’s PYUSD Stablecoin into the overall payments infrastructure.

The stablecoin, presently accessible exclusively to eligible PayPal users within the United States, boasts several unique attributes, one of which is its seamless conversion into fiat currency on the PayPal platform.

While PYUSD offers deep liquidity and a substantial user base, some have raised concerns about its susceptibility to monitoring. Nevertheless, its listing represents a significant moment in the history of cryptocurrency, potentially accelerating stablecoin adoption.

Notably, Huobi was among the first exchanges to express support for PYUSD, confirming its intent to list the USD-backed stablecoin, starting with the PYUSD/USDT trading pair and offering zero handling fees. BitMart and Kraken have also joined the list of exchanges facilitating the trading of PayPal’s stablecoin. Continue Reading

Source: CoinGape

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