Just-In: Huobi to List PayPal (PYUSD) Stablecoin

Seychelles-based cryptocurrency exchange Huobi has confirmed to users that newly-launched PayPal (PYUSD) stablecoin will be listed on its platform by September 7th.

PYUSD Listing Schedule Confirmed

According to the announcement, PYUSD deposits will open at 03:30 (UTC) today while PYUSD spot trading pairs including PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD, will open when the deposit volume meets the demand of market trading. When this happens, an official announcement will be made in advance to usher in the spot trading pairs.

Following the listing, withdrawals will be enabled by 11:00 (UTC) on September 12th. 

The U.S payment company launched its stablecoin about a month ago, a move which is aimed at providing a significant boost to the adoption of digital tokens for payments. Paxos Trust Co. was tasked with issuing the Ethereum-based stablecoin which is fully backed by US Dollar deposits, cash equivalents, and short-term Treasuries. 

Dan Schulman, PayPal’s Chief Executive Officer (CEO) mentioned at the time that “the vision over time is that this becomes a part of the overall payments infrastructure.“ 

While the PYUSD stablecoin boasts of deep liquidity and a ready market base, many users have found an exception with the digital token for its apparent susceptibility to monitoring. However, it remains one of the pivotal moments in crypto history that can ultimately drive stablecoin adoption.

PayPal (PYUSD) Backed by Exchanges

It was not long after this launch when some top crypto players voiced their support for the stablecoin. Huobi immediately indicated interest in listing the USD-backed stablecoin and that made it the first exchange to announce its support. During that time, the Seychelles-based crypto exchange confirmed that it would start with PYUSD/USDT trading pair, with permanent zero handling fees.

BitMart had the primary listing of PYUSD stablecoin. Just like Huobi, it started with the PYUSD/USDT trading pair and opened deposits immediately. Users began to trade from August 8 and withdrawal also commenced on the same day 10:00 AM UTC.

One of the most recent adopters of the PYUSD stablecoin is Kraken. The crypto exchange confirmed that it will begin trading PayPal’s stablecoin from August 21 and has been enabling the trading of the token since then.