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- Huobi supports PayPal’s PYUSD stablecoin listing.
- It will introduce a PYUSD/USDT trading pair.
- HUobi users will enjoy zero trading fees while making the trade.
In a significant move to promote the growth of the blockchain industry, Huobi, a leading cryptocurrency exchange, announces its support for the launch of PYUSD (PayPal USD) stablecoin. As part of this partnership, Huobi will be the first exchange to list PYUSD and provide PYUSD/USDT trading pairs with a permanent 0 trading fee.
PYUSD is PayPal’s stablecoin designed for seamless transfers and payments in U.S. dollars. The stablecoin is issued by the reputable Paxos Trust Company and boasts a fully backed reserve, including U.S. dollar deposits, short-term U.S. treasury bonds, and similar cash equivalents. As of now, there are 26.9 million PYUSD tokens in circulation.
Huobi’s decision to list PYUSD highlights its commitment to fostering friendly relationships with high-quality projects and institutions in the blockchain space. By partnering with PayPal’s stablecoin, Huobi aims to enhance liquidity options for its users and bolster the growth of the digital asset market.
The exchange has planned to open trading for the PYUSD/USDT pair as soon as market circulation and liquidity conditions are deemed suitable. Users are urged to stay tuned for further announcements from Huobi regarding the official launch date.
The introduction of PYUSD on Huobi’s platform opens up new possibilities for seamless transactions and international payments. Being backed by a robust reserve, PYUSD offers users the confidence of stability and security while engaging in blockchain-powered financial activities.
PayPal’s foray into the stablecoin market has garnered attention and interest, and Huobi’s support for PYUSD further validates the growing popularity of stablecoins as a vital component of the digital economy.
Just yesterday, Huobi addressed its users and expressed gratitude for their continued support. The exchange is just a month away from celebrating its 10th birthday anniversary and promised to continue to do right by the crypto community going forward.