Huobi Reveals Inclusion of PayPal’s PYUSD Stablecoin in Its Offerings

• Withdrawals will be accessible by September 12 at 11:00 (UTC).
• The Ethereum-based stablecoin is issued by Paxos Trust Co.

Huobi, a cryptocurrency exchange, has notified its users that the newly launched PayPal (PYUSD) stablecoin will be available for trading on their platform starting September 7th.

The announcement indicates that PYUSD deposits will commence at 03:30 (UTC) today, while PYUSD spot trading pairs (including PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD) will initiate once the deposit volume matches the trading volume in the market. A formal notice will be provided in advance to announce the launch of the spot trading pairs. Withdrawals will be accessible by September 12 at 11:00 (UTC).

Major Adoption Push

Approximately a month ago, the payment leader PayPal unveiled the PYUSD stablecoin, a move anticipated to significantly enhance the adoption of digital tokens for everyday transactions. The Ethereum-based stablecoin is issued by Paxos Trust Co. and is fully backed by USD funds, cash equivalents, and short-term Treasuries.

Despite the high liquidity and established user base of the PYUSD stablecoin, numerous investors have hesitated to engage with the digital token due to concerns regarding its traceability. Nevertheless, it represents a significant milestone in the cryptocurrency sector that could facilitate the broader acceptance of stablecoins.

Some of the most prominent figures in the cryptocurrency space quickly expressed support for the stablecoin following its launch. When the stablecoin was first announced, Huobi was the initial exchange to show interest in listing it. At that time, it was revealed that PYUSD/USDT would be the first trading pair available on the exchange’s platform, and there would be no transaction fees involved.

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