According to an announcement made on September 6th, the cryptocurrency exchange based in Seychelles, Huobi, has confirmed that the newly launched PayPal stablecoin (PYUSD) will be listed on their platform on September 7th.
As per the announcement, PYUSD deposits opened at 03:30 (US time), while spot trading pairs involving PYUSD, such as PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD, will open once the deposit volume meets market trading demand. When this happens, an official notice will be issued to activate the spot trading pairs.
After the listing, withdrawals will be activated by September 12th at 11:00 AM (US time).
Previously, on August 7th, the world’s largest payment platform, PayPal, introduced the PYUSD stablecoin as part of its significant move to promote the widespread use of digital tokens for payments. Paxos Trust Co. was entrusted with the task of issuing this Ethereum-based stablecoin, which is fully backed by USD deposits, equivalent money, and short-term government securities.
Shortly after its launch, some leading crypto players displayed a positive attitude towards PayPal’s stablecoin. Huobi, in particular, immediately expressed interest in listing the USD-backed stablecoin, making it the first exchange to announce its support.
During that time, the Seychelles-based crypto exchange confirmed that they would start with the PYUSD/USDT trading pair, with a permanent zero trading fee.
BitMart also listed PYUSD on its stablecoin roster. Like Huobi, the platform commenced trading with the PYUSD/USDT pair and opened deposits immediately. Users began trading from August 8th, and withdrawals started at 10:00 AM UTC on the same day.
One of the most recent entities to adopt PYUSD was Kraken. The crypto exchange confirmed that they would begin trading PayPal’s stablecoin on August 21st and have allowed token trading since then.