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PYUSD listing with permanent zero fee
Crypto exchange Huobi has announced its pioneering move to list PYUSD, PayPal's new U.S dollar denominated stablecoin, on its platform. This strategic collaboration highlights Huobi's ongoing dedication to fostering positive relationships within the blockchain industry and advancing its overall growth.
The addition of PYUSD on Huobi marks a significant step forward for the exchange and the broader cryptocurrency market. Huobi will facilitate seamless trading by offering PYUSD/USDT trading pairs with a permanent zero trading fee. The timing of the launch will be determined based on market circulation and liquidity factors.
PYUSD, issued by Paxos Trust Company, presents a stable and secure option for transferring and making payments in U.S. dollars. The stablecoin is fully backed by U.S. dollar deposits, along with short-term U.S. treasury bonds and similar cash equivalents. As of now, a total of 26.9 million PYUSD has been issued, adding to its credibility and stability.
This development follows closely on the heels of PayPal's announcement of its U.S. dollar-based stablecoin, PYUSD, on August 7.
Adding an intriguing twist, Justin Sun, the founder of Tron, extended an invitation to PayPal on August 7, urging the global payment giant to consider issuing PYUSD on the TRON blockchain.
Huobi's proactive stance raises the question of whether other prominent cryptocurrency exchanges will take similar steps in the future. This collaboration not only reflects the evolving landscape of digital finance but also underscores the importance of strategic partnerships in driving the industry forward. Time will tell how this move shapes the trajectory of stablecoin adoption and the broader cryptocurrency market.