Justin Sun's crypto exchange Huobi and several other crypto exchanges have started to announce the listing of PayPal USD (PYUSD) stablecoin issued by Paxos within 24 hours of the launch. On Monday, PayPal and Paxos launched the PayPal USD (PYUSD) stablecoin backed by highly liquid and secure assets. The crypto community gave different reactions to this stablecoin.
Huobi Announces Listing of PayPal USD (PYUSD) Stablecoin Crypto exchange Huobi in an official announcement on August 8 announced that they will list the PayPal USD (PYUSD) stablecoin, making them the first exchange to announce support. The exchange will start with the PYUSD/USDT trading pair, with a permanent zero processing fee.
"Huobi is always committed to establishing friendly communication relationships with high-quality projects and institutions in the industry to jointly promote the development of the industry."
The exchange will start trading the PYUSD stablecoin once it enters the market and achieves sufficient liquidity. Currently, there is a total of 26.9 million PYUSD issued.
In addition, BitMart announced the main listing of stablecoin PYUSD. The exchange also lists stablecoins in the PYUSD/USDT trading pair, with deposits already open. Users can start trading from August 8th at 06:00am UTC and withdrawals will start on August 8th at 10:00am UTC.
Other major crypto exchanges have yet to announce their support for the PayPal USD stablecoin. The reaction of the crypto community is also different.
Some are of the view that the stablecoin PayPal USD (PYUSD) issued by Paxos has centralization and security issues. Paxos can also freeze or seize anyone's assets if required by a government agency or department. Additionally, PYUSD is written in Solidity v0.4.24, which has zero scaling and unsatisfactory security.
So it's no wonder some are suggesting the community buy Bitcoin and keep their crypto assets themselves, avoiding giving their money to PayPal despite the support of Paxos.
