Following its launch 24 hours ago, the Paxos-issued PayPal USD (PYUSD) stablecoin has received advertisements from various crypto exchanges. Today, the Huobi exchange announced it would list the Stablecoin.
The crypto exchange Huobi announced on August 8 that it would list the stablecoin PayPal USD (PYUSD), becoming the first exchange to proclaim support. The initial trading pair will be PYUSD/USDT, with perpetual zero handling fees.
“Huobi has always been committed to maintaining friendly communication with high-quality projects and institutions in the industry to jointly promote the development of the industry.”
The exchange will begin trading PYUSD stablecoin as soon as it enters the market and attains sufficient liquidity. There are currently 26.9 million PYUSD in circulation.
In addition, BitMart announces the listing of PYUSD as its primary stablecoin. The stablecoin will also be listed in the PYUSD/USDT trading pair, with deposits already open. Users can begin trading on August 8 at 6:00 a.m. UTC, and withdrawals will start at 10:00 a.m. UTC on August 8.
Other leading cryptocurrency exchanges have yet to announce support for the PayPal USD stablecoin. The crypto community has conflicting reactions.
Crypto Community Cautious Regarding PYUSD
Paxos’ PayPal USD (PYUSD) stablecoin has centralization and security flaws. Paxos can also suspend or seize any individual’s assets at the request of government agencies or departments. Additionally, PYUSD is written in Solidity v0.4.24, which has no scaling, poor security, and known backdoors.
Despite PayPal’s support for Paxos, crypto specialists advise the community to purchase Bitcoin and self-custody, avoiding giving PayPal their funds.
