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Huobi will launch a trading pair with PayPal’s stablecoin PYUSD, backed by the US dollar, with a perpetual zero trading fee.
Huobi users will be able to trade PYUSD/USDT. The announcement highlights that the exact date of pair launch will depend on market circulation and liquidity factors.
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PayPal ventures into stablecoins with launch of PYUSD
One day earlier, Justin Sun invited PayPal to consider TRON as a blockchain for its stablecoin.
I cordially invite PayPal to consider issuing PYUSD on #TRON, which is Fast, secure, and cost-effective with 12 billion USD daily transactions. Mutual benefits await in the digital payment landscape. Let’s collaborate for a thriving ecosystem! — H.E. Justin Sun 孙宇晨 (@justinsuntron) August 7, 2023
Highlighting TRON’s speed, security, and cost-effectiveness attributes, Sun alluded to the impressive daily transaction volume of 12 billion USD. He emphasized the potential for mutual benefits within the digital payment realm and extended an invitation to collaborate.
Shortly after, BNN Bloomberg reported that Huobi, Justin Sun’s exchange received a $209 million injection in an action believed to prop up digital reserves.
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PayPal announced the launch of its stablecoin on Aug. 7. The company believes that regulated stablecoins could transform payments in web3 and would be addressed by the release of PayPal USD.
PayPal customers can now transfer PYUSD between PayPal and compatible wallets, use the stablecoin to make purchases, or convert PayPal USD to any support cryptocurrencies.
PayPal’s announcement lifted the company’s shares by 2.66% on Aug. 7, despite the industry being plagued with regulatory uncertainty and several major exchange collapses over the last year.
A difficult time for Huobi
The news comes at a time when Huobi is optimizing its offerings. In June 2023, the exchange announced that it was discontinuing trading for ten specific pairs, primarily focusing on those tethered to the USDD stablecoin. Notably, this stablecoin is issued by the TRON DAO Reserve, a venture with significant backing from Justin Sun.
Starting June 29, Huobi’s decision entailed delisting other trading pairs, including Cardano (ADA), Solana (SOL), and MATIC, coupled with the USDD stablecoin. While this decision was made to create an efficient trading environment for its users, Huobi’s support of PayPal shows confidence in its usage and growth for users.
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