Famous cryptocurrency exchange Huobi supports PayPal’s stablecoin PYUSD
Huobi, a well-known cryptocurrency exchange, has announced its commitment to supporting PayPal’s entry into the digital currency arena with its stablecoin PYUSD. Here are the key points:
– Huobi will champion the launch of PYUSD and offer PYUSD/USDT trading pairs with zero fees indefinitely.
– The exchange is preparing to begin trading as soon as market liquidity and circulation metrics are favorable.
– PayPal’s stablecoin PYUSD is backed by U.S. dollar deposits, short-term U.S. treasury bonds, and cash equivalents.
– Huobi advisor Justin Sun has invited PayPal to consider launching PYUSD on the TRON platform, which boasts high speed, security, and cost-effectiveness.
– Despite regulatory pressures, PayPal continues to expand its offerings in the digital currency domain.
Hot Take:
Huobi’s support for PayPal’s stablecoin PYUSD is a significant move that could boost the credibility and adoption of cryptocurrencies in mainstream finance. With the backing of a well-established exchange like Huobi and the invitation from Justin Sun to launch on TRON, PYUSD has the potential to thrive in the digital payment landscape. PayPal’s determination to enter the crypto space despite regulatory challenges showcases the growing acceptance and interest in digital currencies.
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