PayPal's PYUSD Hits Huobi: Investor Options Expand
Portfolio Pulse from Khyathi Dalal
Huobi, a Seychelles-based cryptocurrency exchange, will list PayPal's newly launched stablecoin, PYUSD, by September 7, 2023. The trading of PYUSD will commence once the deposit volume aligns with market demand. The stablecoin, issued by the Paxos Trust Company, is fully backed through U.S. dollar deposits, short-term U.S. treasury bonds, and equivalent cash reserves. Other exchanges like BitMart, Kraken, and Coinbase Global Inc have also started trading the stablecoin.
September 06, 2023 | 7:56 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Coinbase Global Inc has started trading PayPal's stablecoin PYUSD on its Ethereum network as an ERC-20 token.
The addition of PayPal's stablecoin PYUSD to Coinbase's trading platform is a positive development for Coinbase. It expands the range of assets available for trading on its platform, which could attract more users and increase trading volumes. This could potentially boost Coinbase's revenues and profitability in the long run.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
PayPal's newly launched stablecoin, PYUSD, will be listed on Huobi, expanding its reach and potential user base.
The listing of PayPal's stablecoin on Huobi, a major cryptocurrency exchange, is a positive development for PayPal. It expands the reach and potential user base of PYUSD, which could lead to increased usage and adoption of the stablecoin. This could potentially boost PayPal's revenues and profitability in the long run.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100