Cryptocurrency NewsHuobi Embraces PayPal's Stablecoin PYUSD

Huobi Embraces PayPal’s Stablecoin PYUSD

Huobi is set to introduce a trading combination involving PayPal’s stablecoin PYUSD, which is pegged to the US dollar, and there won’t be any ongoing trading fees. This new trading pair, PYUSD/USDT, will be available for Huobi users. The specific launch date for this pair is contingent upon factors like market circulation and liquidity.

A day prior, Justin Sun extended an invitation to PayPal, suggesting TRON as a suitable blockchain for their stablecoin. He highlighted TRON’s speed, security, and cost-effectiveness, citing its impressive daily transaction volume of $12 billion. Sun emphasized the potential mutual benefits in the digital payment sector and proposed a collaborative effort.

Subsequently, BNN Bloomberg reported that Huobi, under Justin Sun’s leadership, received a financial boost of $209 million to strengthen its digital reserves.

PayPal made an announcement on August 7 about the launch of its stablecoin. The company believes that regulated stablecoins could revolutionize web3 payments, and their stablecoin, PayPal USD, is a step in that direction. Customers can now transfer PYUSD between PayPal and compatible wallets, make purchases using the stablecoin, and convert PayPal USD into various supported cryptocurrencies. This announcement boosted PayPal’s stock by 2.66% on August 7, despite the industry’s challenges like regulatory uncertainties and major exchange collapses in the past year.

These developments occur at a crucial juncture for Huobi. The exchange recently streamlined its offerings by discontinuing trading for ten specific pairs, with a focus on those tied to the USDD stablecoin. Interestingly, this stablecoin is issued by the TRON DAO Reserve, an entity with substantial support from Justin Sun. Beginning June 29, Huobi began delisting other trading pairs, including Cardano (ADA), Solana (SOL), and MATIC, in conjunction with the USDD stablecoin. This strategic move was aimed at enhancing the trading experience for its users. By supporting PayPal, Huobi demonstrates its confidence in the stablecoin’s adoption and growth among its user base.


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