Huobi to Launch Trading Pair with PayPal’s Stablecoin PYUSD with Zero Trading Fee
Huobi, the popular cryptocurrency exchange, has announced that it will soon launch a trading pair with PayPal’s stablecoin, PYUSD. This stablecoin is backed by the US dollar and will be paired with the USDT cryptocurrency. The exact launch date of this trading pair will depend on market factors and liquidity.
Justin Sun Extends Invitation to PayPal to Consider TRON for Its Stablecoin
Justin Sun, the founder of TRON, has invited PayPal to consider using TRON as a blockchain for its stablecoin. He highlighted TRON’s speed, security, and cost-effectiveness attributes, as well as its impressive daily transaction volume of $12 billion. Sun believes that there are mutual benefits to be gained from collaboration in the digital payment landscape.
Huobi Receives $209 Million Injection
BNN Bloomberg reported that Huobi, the exchange owned by Justin Sun, received a $209 million injection to bolster its digital reserves. This investment comes shortly after Sun extended the invitation to PayPal to consider TRON for its stablecoin.
PayPal Launches Stablecoin PYUSD
PayPal recently announced the launch of its stablecoin, PYUSD. The company views regulated stablecoins as a potential game-changer for web3 payments. Customers can now transfer PYUSD between PayPal and compatible wallets, make purchases with the stablecoin, or convert PayPal USD to other supported cryptocurrencies. The announcement caused a 2.66% increase in PayPal’s shares, despite regulatory uncertainty and recent exchange collapses.
Huobi’s Optimizations and Support of PayPal
Huobi’s decision to support PayPal’s stablecoin comes at a time when the exchange is optimizing its offerings. In June 2023, Huobi discontinued trading for certain pairs, including those involving the USDD stablecoin issued by the TRON DAO Reserve. Despite this, Huobi’s support of PayPal’s stablecoin shows confidence in its usage and growth for users.
Hot Take
The partnership between Huobi and PayPal’s stablecoin PYUSD shows the increasing integration of traditional financial systems with cryptocurrencies. This collaboration highlights the potential for stablecoins in revolutionizing digital payments and signifies a positive step towards mainstream adoption of cryptocurrencies.
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