Huobi Announces Listing of PayPal’s PYUSD Stablecoin

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

Huobi, a cryptocurrency exchange, has informed its customers that the recently introduced PayPal (PYUSD) stablecoin would be available for trading on their platform on September 7th.

The release states that PYUSD deposits will begin at 03:30 (UTC) today, while PYUSD spot trading pairings (such as PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD) will begin when the amount of deposits equals the volume of market trading. When this occurs, there will be a formal notification in advance to introduce the spot trading pairs. Withdrawals will be available by September 12 at 11:00 (UTC).

Major Adoption Push

About a month ago, the payment giant PayPal introduced the PYUSD stablecoin, a step that is expected to greatly increase the use of digital tokens for everyday payments. The Ethereum-based stablecoin is issued by Paxos Trust Co. and backed one hundred percent by USD funds, cash equivalents, and short-term Treasuries.

Despite the PYUSD stablecoin’s high liquidity and established user base, many investors have shied away from the digital token out of concern that it may be easily tracked. But it’s still one of the major turning points in crypto that might push stablecoins into widespread use.

Some of the biggest names in cryptocurrency quickly came out in favor of the stablecoin once it launched. When the stablecoin was originally announced, Huobi was the first exchange to express interest in listing it. At the time, it was announced that PYUSD/USDT would be the first trading pair on the exchange’s platform, and that there would be no transaction fees of any kind.

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