Key Points:
- Huobi confirms the listing of PayPal’s PYUSD stablecoin, with trading set to begin on September 7.
- PYUSD, backed by Paxos Trust Company and fully supported by U.S. dollar deposits, offers a secure means of transferring and transacting in U.S. dollars.
- The move signifies a significant step in the Web3 ecosystem, with PayPal launching its dollar-backed stablecoin.
Huobi, one of the leading cryptocurrency exchanges, has officially confirmed its plans to list the newly-launched PayPal (PYUSD) stablecoin on its platform, with trading set to commence by September 7.
In an announcement, Huobi revealed that PYUSD deposits became available at 03:30 (UTC) today. The actual trading of PYUSD will commence once the deposit volume aligns with market demand for trading.
An official announcement will precede the launch of spot trading pairs, which will include PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD. Withdrawals for PYUSD will be enabled starting at 11:00 (UTC) on September 12th.
PYUSD, issued by Paxos Trust Company, offers a secure and stable means for transferring and conducting transactions in U.S. dollars. It boasts full backing from U.S. dollar deposits, short-term U.S. Treasury bonds, and similar cash equivalents.
Currently, a total of 26.9 million PYUSD tokens are in circulation, further solidifying its reputation for stability and reliability.
The introduction of PYUSD marks a significant development in the Web3 ecosystem, as it represents the first instance of a major fintech giant, PayPal, launching a dollar-backed stablecoin. Huobi’s proactive move to list PYUSD could prove to be a mutually beneficial venture in the long run.
This news coincides with Huobi’s ongoing efforts to optimize its offerings. In June 2023, the exchange announced the discontinuation of trading for ten specific pairs, primarily those tied to the USDD stablecoin, issued by the TRON DAO Reserve, which enjoys substantial backing from Justin Sun.
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