Huobi Global, one of the prominent but embattled crypto exchanges, is highly bullish in scoring a partnership with American fintech giant PayPal, which recently launched its stablecoin, PYUSD. As Huobi detailed in a release published earlier today, the exchange said it would be the first to list the PayPal stablecoin in its bid to maintain friendly communication with top firms promoting blockchain innovations.
The emergence of the PYUSD stablecoin changed the game in the Web3.0 ecosystem as it marked the first time a mainstream fintech giant with millions of active users chose to launch a dollar-backed stablecoin. While Huobi's move is proactive, listing PYUSD might prove to be a mutually beneficial venture in the long run.
According to the Huobi announcement, it will start by listing PYUSD/USDT trading pairs and will be accompanied by no trading fee, an incentive that will remain permanently. Despite its certainty in its support for the stablecoin, Huobi still needs to unveil the exact timeline during which it plans to list the PYUSD stablecoin trading pair.
Per the interest generated by the PayPal stablecoin, there is a broad expectation that more exchanges might follow in the footsteps of Huobi Global in the near term.
Huobi and PYUSD launch: Genuine interest?
The motivation behind the support extended by Huobi to PayPal stablecoin PYUSD is currently being questioned by many observers.
Huobi has been under intense scrutiny lately as it brandishes a reserve asset that on-chain sleuths noted is far below the amounts in its actual wallets.
This discrepancy has called the exchange's integrity into question in recent times, and though the trading platform and its main figure, Justin Sun, have come out to debunk allegations of insolvency, some observers believe PayPal support is a perfect avenue to change negative sentiment surrounding the trading platform.