Cryptocurrency Exchange Huobi Supports PayPal’s Stablecoin PYUSD
Huobi, a cryptocurrency exchange, has announced its commitment to supporting PayPal’s entry into the digital currency landscape with its stablecoin, PYUSD.
Main Key Points:
- Huobi is the first exchange to support PayPal’s PYUSD stablecoin.
- Trading will begin with the PYUSD/USDT trading pair, with zero handling fees.
- Huobi will commence trading once market liquidity and circulation metrics are aligned.
- PYUSD can be redeemed for US dollars and exchanged for other cryptocurrencies supported by PayPal.
- BitMart has also listed the PYUSD stablecoin and started the deposit process.
Cryptocurrency Community Divided Over PYUSD’s Security
While Huobi and BitMart support PayPal’s stablecoin, concerns have arisen within the cryptocurrency community regarding its security. Experts criticize the potential centralization and security risks of the Paxos-issued stablecoin. They recommend considering Bitcoin and self-custody solutions rather than entrusting funds to PayPal.
PYUSD Fraudulent Activities
Within 24 hours of its launch, fraudulent activities have emerged, with scammers issuing counterfeit PYUSD tokens across various networks. Over 60 fake tokens have been identified on platforms like Ethereum and BNB Chain.
Justin Sun Invites PayPal to Launch PYUSD on TRON
Justin Sun, Huobi’s adviser and TRON founder, has extended an offer to PayPal to explore launching PYUSD on TRON. TRON is known for its speed, security, and cost-effectiveness, managing a substantial 12 billion USD in daily transactions.
Hot Take
Huobi’s support for PayPal’s stablecoin PYUSD shows the increasing collaboration between traditional financial institutions and the cryptocurrency industry. However, concerns about security and centralization highlight the need for users to carefully consider their investment choices and explore alternative options like Bitcoin and self-custody solutions.
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