- Project Sela, a CBDC venture, combines private sector agility with central bank oversight.
- The introduction of “Access Enablers” promises heightened competition and reinforced security.
Huobi Embraces PYUSD Stablecoin
In a recent announcement, Huobi, the global cryptocurrency exchange, shared plans to integrate the recently launched PYUSD stablecoin by PayPal. Trading enthusiasts will appreciate that Huobi will include the stablecoin in its digital offering from September 7th.
As per the details, users can start making PYUSD deposits from 03:30 (UTC) today. Following this, spot trading pairings, including the likes of PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD, will get the green light once the deposited volume aligns with market trading volumes. Huobi plans to keep its users informed and will notify them ahead of the introduction of these trading pairs. For those eyeing withdrawals, the gates will open on September 12, 11:00 (UTC).
The Rise of PYUSD in the Digital Ecosystem
Just a month ago, global payment behemoth, PayPal, made waves in the crypto space by launching the PYUSD stablecoin. This Ethereum-backed stablecoin, crafted meticulously by Paxos Trust Co., holds the promise of broadening the horizons for digital token use in everyday transactions. As a testimony to its reliability, every PYUSD is backed completely by USD funds, cash equivalents, and short-term Treasuries.
Some cryptocurrency investors have voiced concerns about the transparency of the PYUSD stablecoin, prompting rumblings in the crypto community. But there’s no denying that the launch of this stablecoin is a major step forward that could help propel the concept into the mainstream. Prominent figures in the cryptocurrency industry’s interest in PYUSD attest to the currency’s potential. Huobi took the initiative, expressing their desire to list PYUSD and noting that PYUSD/USDT would serve as the flagship pair for their commission-free trading options.