Huobi Global Becomes The First Exchange To Support PayPal's New PYUSD Stablecoin 14

Huobi Global Becomes The First Exchange To Support PayPal’s New PYUSD Stablecoin

  • Huobi Global has announced its plans to list PayPal’s new dollar-pegged stablecoin on its platform.
  • The crypto exchange plans to offer PYUSD/USDT trading pairs with zero trading fees. 
  • Huobi executive Justin Sun has also invited PayPal to issue PYUSD on his Tron network. 

Huobi Global is aiming to become the first exchange to support the launch of Paypal’s new dollar-pegged stablecoin, PYUSD. The crypto exchange plans to list PYUSD on its trading platform soon and start by offering PYUSD/USDT trading pairs to its users. 

Huobi’s push to add the newly launched stablecoin came just a day after customers withdrew $49 million worth of stablecoins from the crypto exchange, which translated to over 33% of its stablecoin balance. The significant outflow of stables came amid reports of several Huobi executives being arrested in China

Huobi Global To Offer Zero Trading Fees On PYUSD Pairs

According to a blog post by Huobi Global, PYUSD/USDT trading pairs will be offered with zero trading fee permanently. The crypto exchange stated that it would list the new stablecoin as soon as its market circulation and liquidity conditions become favorable. The exchange reiterated that it aimed to become the first to offer 

Huobi has always been committed to maintaining friendly communication with high-quality projects and institutions in blockchain industry to jointly promote the development of the industry.”

Huobi Global

Following the launch of PYUSD on August 7, Tron founder Justin Sun, who holds a considerable stake in Huobi Global, invited PayPal to issue its new stablecoin on the Tron network. Sun took to Twitter to highlight Tron’s efficiency and secureness that facilitated transactions worth $12 billion every day. “Mutual benefits await in the digital payment landscape. Let’s collaborate for a thriving ecosystem,” Sun added. 

PayPal unveiled its PYUSD stablecoin on August 7 six months after it halted its development due to the regulatory crackdown on crypto in the United States. The new stablecoin will be issued by Paxos Trust Company, which will be 100% backed by U.S. dollar deposits, short-term U.S. treasury bonds, and similar cash equivalents. Paxos Trust Co. previously minted Binance’s BUSD stablecoins.