More exchanges have started pledging their support for PayPal (PYUSD), the stablecoin introduced a few weeks back by the American blockchain payments giant, PayPal Holdings Inc. Following up on its earlier plans to support the stablecoin, Huobi exchange has revealed the exact listing details for the new token.
According to the update provided by the trading platform, it promptly opened up for PYUSD deposits, while it confirmed the actual listing is slated for Thursday, Sept. 7. As Huobi unveiled, the trading will be opened for three unique pairs, including PYUSD/USDT, BTC/PYUSD and ETH/PYUSD. The trading is slated to commence just when the deposit volume has met the needed market demand, which will be announced in advance.
PYUSD is considered a game-changing stablecoin in the broader digital currency ecosystem as it is a testament to the fact that traditional mainstream financial services firms can also embrace stablecoin innovation despite crypto complexities. PayPal's embrace of stablecoin settlement further underscores the revolutionary role that the asset class is poised to play in the evolution of the financial and payment services sector.
To complement the listing, Huobi confirmed withdrawals will be enabled from Sept. 12, offering the PYUSD an avenue to be settled on the exchange.
Stablecoin encroachment into TradFi
Beyond PayPal, stablecoins are becoming quite engrafted among payment institutions around the world and are taking advantage of their speed and relatively lower cost to complement their own existing payment infrastructures.
Visa Inc. is one of the major payment channels with a very deep and vested interest in stablecoins. As reported earlier this week, the company extended USDC settlement support to the Solana (SOL) protocol, a move that has generated a lot of accolades in the broader Web 3.0 ecosystem.
Today, the focus remains on PYUSD, which has landed related listings on the Coinbase, BitMart and Kraken exchanges to mention a few.