Huobi Crypto Exchange Announces Support for PayPal USD (PYUSD)

Huobi Crypto Exchange Announces Listing of PayPal USD (PYUSD)

Key Insights

  • PYUSD/USDT trading pairs will have zero trading fees on an ongoing basis
  • Huobi PayPal USD PYUSD listing will take place when “market circulation and liquidity conditions are ripe”
  • Huobi to announce listing timeline in new post

Cryptocurrency exchange Huobi has announced that it will be the first platform to list PayPal USD (PYUSD), a stablecoin from payment company PayPal.

Huobi will be the first exchange to support the launch of the PYUSD stablecoin and provide PYUSD/USDT trading pairs with zero trading fees on an ongoing basis,” the platform said in a statement.

Huobi noted that when “market circulation and liquidity conditions mature,” the exchange will launch stablecoin trading.

Please pay attention to Huobi’s future PYUSD/USDT announcement, the exchange concluded.

Launch of PYUSD

On August 7, PayPal announced the launch of PYUSD. According to CEO Dan Shulman, the stablecoin will solidify the company’s dominance in digital payments by enabling instant and cheap transfers without a centralized authority.

According to the developers, the stablecoin is fully backed by US dollar deposits, short-term treasury bonds and similar cash equivalents. USD-pegged PYUSD will eventually be available to US customers.

The stablecoin will be used mainly in the cryptocurrency and Web3 sectors, in particular for trading other digital tokens and in-game payments. Later, its application may spread to other areas.

Read also: How to Buy PYUSD Stablecoin on PayPal – A Simple Guide for Beginners

Fake PYUSD tokens flood the market

The news of the launch of a stablecoin from PayPal has activated scammers who have launched fake PYUSD tokens. Some of them have succeeded significantly – the trading volume of one of the fake Ethereum tokens under the ticker PYUSD on the Uniswap crypto exchange has reached $2.9 million. At the same time, netizens note that many of the fraudulent tokens cannot be sold.

However, company representatives recalled that only registered PayPal users can conduct transactions with the stablecoin. Moreover, any transactions with the coin are only available within the system, as well as in PayPal-compatible wallets.

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