- PYUSD stablecoin is also being listed on the BitMart exchange.
- The first trading pair on the Huobi exchange will be PYUSD/USDT.
Within the first day of its release, the Paxos-issued PayPal USD (PYUSD) stablecoin was listed on the Huobi cryptocurrency exchange, led by Justin Sun. The PayPal USD (PYUSD) stablecoin, was launched on Monday by PayPal and is tied to the US dollar.
Huobi, the world’s largest cryptocurrency exchange, made the first public announcement of acceptance for PayPal USD (PYUSD) on August 8. The first trading pair on the exchange will be PYUSD/USDT, and there will be no transaction fees of any kind.
As soon as the PYUSD stablecoin joins the market and has sufficient liquidity, trading will begin on the exchange. Presently, there are 26.9 million PYUSD in circulation.
PYUSD stablecoin is also being listed on BitMart. The stablecoin will be available for trade on the market in the PYUSD/USDT pair, and deposits may be made at the moment. On August 8, at 06:00 AM UTC, trading opened, and on the same day, at 10:00 AM UTC, users were able to begin withdrawing funds.
Ongoing Concerns
The other major cryptocurrency exchanges have not yet publicly stated their willingness to list the PayPal USD stablecoin. The Paxos-issued stablecoin, PayPal USD (PYUSD), suffers from centralization and security flaws as per industry experts.
When requested by government agencies or departments, Paxos may also freeze or take the assets of any individual. Solidity v0.4.24, the version used to create PYUSD, has minimal scalability, poor security, and is known to have back doors.
However, the launch is notable since it is the first time a large financial institution has announced the launch of its own stablecoin. Moreover, it will further push crypto adoption.
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