Huobi, a leading cryptocurrency exchange, has announced its plans to list PayPal USD (PYUSD), a stablecoin recently launched by PayPal. The exchange will facilitate trading for the PYUSD/USDT pair, offering zero fees.

Huobi Adds PYUSD/USDT Trading Pair

PayPal’s stablecoin, PYUSD, is pegged to the US dollar and is intended for transfers and payments. The token is issued by Paxos Trust Company and is fully backed by USD deposits, short-term US Treasury bonds, and cash equivalents. Huobi stated that it will open trading for the pair when market liquidity conditions are favorable.

The announcement follows PayPal’s launch of its stablecoin on the Ethereum network. Justin Sun, the founder of Tron, tweeted that PayPal should consider issuing PYUSD on the TRON network.

In regards to recent rumors about potential insolvency and Chinese authorities investigating Huobi, both Justin Sun and Huobi dismissed them as false.

According to CoinMarketCap, Huobi is currently ranked as the 13th largest cryptocurrency exchange based on 24-hour spot trading volume.

FAQs

What is PYUSD?

PYUSD is a stablecoin launched by PayPal that is pegged to the US dollar. It is designed for transfers and payments.

Who will issue the PYUSD stablecoin?

The PYUSD stablecoin is issued by Paxos Trust Company.

What is the trading pair for PYUSD on Huobi?

Huobi will facilitate trading for the PYUSD/USDT pair.

When will trading for PYUSD/USDT open on Huobi?

Huobi will open trading for the PYUSD/USDT pair when favorable market liquidity conditions are met.