Huobi users will be able to trade PYUSD/USDT. The announcement highlights that the exact date of the pair launch will depend on market circulation and liquidity factors.
One day earlier, Justin Sun invited PayPal to consider TRON as a blockchain for its stablecoin.
Highlighting TRON’s speed, security, and cost-effectiveness attributes, Sun alluded to the impressive daily transaction volume of 12 billion USD. He emphasized the potential for mutual benefits within the digital payment realm and extended an invitation to collaborate.
Shortly after, BNN Bloomberg reported that Huobi, Justin Sun’s exchange received a $209 million injection in an action believed to prop up digital reserves.
PayPal announced the launch of its stablecoin on Aug. 7. The company believes that regulated stablecoins could transform payments in web3 and would be addressed by the release of PayPal USD
PayPal customers can now transfer PYUSD between PayPal and compatible wallets, use the stablecoin to make purchases or convert PayPal USD to any support cryptocurrencies.
PayPal’s announcement lifted the company’s shares by 2.66% on Aug. 7, despite the industry being plagued with regulatory uncertainty and several major exchange collapses over the last year.
The news comes at a time when Huobi is optimizing its offerings. In June 2023, the exchange announced that it was discontinuing trading for ten specific pairs, primarily focusing on those tethered to the USDD stablecoin. Notably, this stablecoin is issued by the TRON DAO Reserve, a venture with significant backing from Justin Sun.
Starting June 29, Huobi’s decision entailed delisting other trading pairs, including Cardano (ADA), Solana (SOL), and MATIC, coupled with the USDD stablecoin. While this decision was made to create an efficient trading environment for its users, Huobi’s support of PayPal shows confidence in its usage and growth for users.