In line with its commitment to supporting PayPal’s PYUSD stablecoin, Huobi exchange has unveiled its timeline for listing the token.
Huobi, the Seychelles-based cryptocurrency exchange, has officially confirmed that the newly-launched PayPal (PYUSD) stablecoin will be available for trading on its platform by September 7th.
PYUSD Listing Schedule Confirmed
According to the announcement, PYUSD deposits will be open as of 03:30 (UTC) today. Concurrently, the availability of PYUSD spot trading pairs, including PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD, will depend on the deposit volume meeting market demand. An official announcement will precede the launch of these spot trading pairs.
Following the listing, withdrawals for PYUSD will be enabled by 11:00 (UTC) on September 12th.
PayPal’s PYUSD Stablecoin Overview
PayPal introduced its stablecoin approximately a month ago, with the objective of significantly advancing the adoption of digital tokens for payments. Paxos Trust Co. was entrusted with issuing this Ethereum-based stablecoin, which is fully backed by US Dollar deposits, cash equivalents, and short-term Treasuries.
Dan Schulman, PayPal’s Chief Executive Officer (CEO), emphasized that “the vision over time is that this becomes a part of the overall payments infrastructure.”
While the PYUSD stablecoin offers deep liquidity and a well-established market base, some users have raised concerns about its potential for monitoring. Nevertheless, it represents a pivotal moment in the history of cryptocurrency and holds the potential to drive stablecoin adoption.
PayPal (PYUSD) Receives Backing from Exchanges
Shortly after its launch, prominent players in the crypto industry expressed support for the PYUSD stablecoin. Huobi was quick to indicate its interest in listing the USD-backed stablecoin, making it the first exchange to announce its support. The Seychelles-based crypto exchange confirmed it would initiate trading with the PYUSD/USDT trading pair, featuring permanent zero handling fees.
BitMart also played a significant role in the primary listing of the PYUSD stablecoin. Like Huobi, it commenced trading with the PYUSD/USDT trading pair and opened deposits immediately, allowing users to start trading from August 8th. Withdrawals were also made available on the same day at 10:00 AM UTC.
Joining the ranks of recent PYUSD adopters is Kraken, the crypto exchange that confirmed it would commence trading PayPal’s stablecoin starting from August 21st, enabling users to trade the token since then.
The impending listing of PayPal’s PYUSD stablecoin on Huobi is poised to contribute to the broader adoption and utility of digital assets in the cryptocurrency landscape.