Huobi announces plans to list PayPal’s PYUSD stablecoin

• Huobi plans to list PayPal USD (PYUSD), the stablecoin launched by PayPal. 
• Trading for PYUSD/USDT will open when liquidity conditions are met.

Crypto exchange Huobi has announced it will list PayPal USD (PYUSD), a newly launched stablecoin from PayPal. Accordingly, Huobi will open trading for the PYUSD/USDT pair, offering permanent zero fees.

Huobi to open trading for PYUSD/USDT

PayPal’s stablecoin is pegged on the US dollar and is targeted for transfers and payments. Paxos Trust Company will issue the token, which is 100% backed by USD deposits, short-term US Treasury bonds, and cash equivalents.  

“When the market circulation and liquidity conditions are ripe, Huobi will open trading at the first time,” the exchange said in a notice to customers.

The announcement comes just a day after PayPal unveiled its stablecoin on Ethereum. Tron founder Justin Sun posted on X (formerly Twitter) that PayPal would be welcome to issue PYUSD on the TRON network.

“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,” Sun wrote.

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

On Monday, both Sun and Huobi downplayed the latest rumours about potential insolvency for the exchange, terming claims that Chinese authorities were investigating the company as false and mere FUD.

CoinMarketCap ranks Huobi 13th among largest cryptocurrency exchanges by 24-hour spot trading volume.