PayPal's PYUSD Hits Huobi: Investor Options Expand

Seychelles-based cryptocurrency exchange, Huobi announced that it will list PayPal’s PYPL newly launched stablecoin (PYUSD) on its platform by Sep. 7, 2023. The exchange said withdrawals will be enabled by Sep.12. The actual trading of PYUSD will commence once the deposit volume aligns with market demand for trading.

The crypto exchange announced a PYUSD/USDT trading pair with permanent zero trading fees. 

PYUSD Background:

PYUSD was introduced by PayPal exactly a month ago, mainly designed for seamless transfers and transactions in U.S. dollars. At the time of the launch, CEO Dan Schulman stated, “The vision over time is that this becomes a part of the overall payments infrastructure.”

The stablecoin is issued by the Paxos Trust Company and is said to be fully backed through U.S. dollar deposits, short-term U.S. treasury bonds, and equivalent cash reserves. Currently, there are 26.9 million PYUSD tokens in circulation.

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Other Exchanges Supporting PYUSD:

While Huobi was the first exchange to indicate interest in listing, BitMart had the primary listing of PYUSD stablecoin and Kraken was the most recent to start trading the stablecoin on Aug. 21.

Meanwhile, Coinbase Global Inc COIN started PYUSD trading on its Ethereum network as an ERC-20 token on Aug. 31 under an experimental label. The exchange noted that the trading will be launched in phases as liquidity increases, it also indicated that the asset will only be available in supported regions. However, no specific region names were mentioned.

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