Huobi And Other Crypto Exchanges Announce PayPal USD (PYUSD) Listing

Justin Sun’s Huobi crypto exchange and other crypto exchanges have started announcing the listing of Paxos-issued PayPal USD (PYUSD) stablecoin within just 24 hours of the launch. On Monday, PayPal and Paxos unveiled PayPal USD (PYUSD) stablecoin, which is backed by highly liquid and secure assets. The crypto community gives mixed reactions to the stablecoin.

Huobi Announces PayPal USD (PYUSD) Stablecoin Listing

Crypto exchange Huobi in an official announcement on August 8 said it will list the PayPal USD (PYUSD) stablecoin, becoming the first exchange to announce support. The exchange will start with PYUSD/USDT trading pair, with permanent zero handling fees.

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

The exchange will start trading PYUSD stablecoin as it enters the market and reaches enough liquidity. There are currently a total of 26.9 million PYUSD issued.

In addition, BitMart announces the primary listing of PYUSD stablecoin. The exchange is also listing the stablecoin in PYUSD/USDT trading pair, with deposits already opened. Users can start trading from August 8 at 06:00 AM UTC and withdrawal to start on August 8 at 10:00 AM UTC.

Other top crypto exchanges have yet to announce their support for the PayPal USD stablecoin. The crypto community’s reaction is also mixed.

Also Read: Fireblocks Situation Risks Binance And Other Exchanges To Delist Terra Luna Classic (LUNC)

Crypto Community Remains Cautious Of PYUSD Stablecoin

PayPal USD (PYUSD) stablecoin issued by Paxos has centralization and security issues. Paxos can also freeze or seize the assets of anyone when required by government agencies or departments. In addition, PYUSD is written in Solidity v0.4.24, which has zero scale, terrible security, and known back doors.

Crypto experts recommend the community to buy Bitcoin and self-custody, avoiding giving their money to PayPal despite Paxos support.

Read More: Is PayPal’s PYUSD Stablecoin By Paxos Good, Bad Or Ugly For Crypto Industry?

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.