The cryptocurrency exchange Huobi will soon integrate the recently launched stablecoin from payments giant PayPal (PYUSD).
According to the press release, the asset’s listing will occur once market uptake has improved and liquidity conditions have matured.
“Huobi will be the first exchange to support the launch of PYUSD and will continually offer PYUSD/USDT trading pairs with zero trading fees,” said company representatives.
PayPal launched its ‘stablecoin’ on August 7. The issuer is the infrastructure firm Paxos. At present, 26.9 million PYUSD have been issued.
The asset is on the Ethereum blockchain under the ERC-20 standard. The company believes the stablecoin will simplify transfers and international payments, and will facilitate broader adoption of digital assets.
Rumours about plans by the payments company to launch a USD-backed digital asset arose in May 2021.
In February 2023, it emerged that PayPal paused the development of its own ‘stablecoin’ amid news of an investigation by the NYDFS into Paxos’s activities.
Subsequently, the infrastructure firm said it was engaged in constructive dialogue with the U.S. Securities and Exchange Commission, which warned of the intention to sue.
Analysts at Kaiko had forecast the return of the ‘stablecoin wars’ in the wake of mass selling of USDT by Tether.