Huobi Becomes First Exchange to List PayPal’s PYUSD Stablecoin

Huobi, one of the world’s largest cryptocurrency exchanges, has announced that it will be the first platform to list PayPal’s PYUSD stablecoin, which was launched earlier this year. PYUSD is a digital token pegged to the US dollar and backed by PayPal’s reserves. PYUSD aims to provide a fast, secure, and low-cost way for PayPal users to access the crypto market and benefit from its opportunities.

According to Huobi’s press release, PYUSD will be available for trading on Huobi Global from August 10, 2023. Users can trade PYUSD against cryptocurrencies such as Bitcoin, Ethereum, and Huobi Token. Huobi also plans to offer PYUSD as a payment option for its services and products in the future.

Huobi’s CEO, Leon Li, said that listing PYUSD is a milestone for the crypto industry and a testament to Huobi’s vision of bridging the gap between traditional finance and digital assets. He said:

“We are honored to be the first exchange to list PYUSD, which is a game-changer for the crypto space. PYUSD will enable millions of PayPal users to easily and safely enter the crypto market and enjoy its benefits. We believe that PYUSD will bring more liquidity, stability, and innovation to the crypto ecosystem and foster greater adoption and integration of crypto in the mainstream economy.”

PayPal’s CEO, Dan Schulman, said that the launch of PYUSD is part of PayPal’s mission to democratize access to financial services and empower people and businesses around the world. He said:

“We are excited to partner with Huobi, one of the most reputable and innovative crypto exchanges in the world, to bring PYUSD to their users. PYUSD is a new way for PayPal users to leverage the power of crypto and enhance their financial freedom and inclusion. We hope that PYUSD will inspire more people to explore and embrace the potential of crypto and blockchain technology.”

PYUSD is not the first stablecoin to be listed on Huobi. The exchange already supports several popular stablecoins, such as USDT, USDC, DAI, HUSD, and BUSD. However, PYUSD is expected to attract more attention and demand due to its association with PayPal, one of the largest online payment platforms in the world.

PayPal has been actively involved in the crypto space since last year when it announced that it would allow its users to buy, sell, and hold cryptocurrencies on its platform. Since then, PayPal has expanded its crypto offerings to include checkout with crypto, crypto rewards cards, and the crypto trading app Venmo. PayPal has also invested in crypto-related companies like Paxos, Blockchain Capital, and TRM Labs.

PYUSD is another step in PayPal’s journey to become a leader in the crypto space and a catalyst for its growth and adoption. With Huobi as its first exchange partner, PYUSD is set to make a big splash in the crypto market and offer new opportunities for both PayPal and Huobi users.