- Project Sela, a CBDC venture, combines the agility of the private sector with central bank oversight.
- The introduction of “Access Enablers” has increased competition and increased security.
Huobi introduces PYUSD stablecoin
In a recent announcement, global cryptocurrency exchange Huobi shared its plans to integrate PayPal’s recently launched PYUSD stablecoin. Trading enthusiasts will appreciate the fact that Huobi will include stablecoins in its digital services starting September 7.
As per the details, users can start depositing PYUSD starting today at 03:30 (UTC). Spot trading pairs, including PYUSD/USDT, BTC/PYUSD, ETH/PYUSD, etc., will then be approved when the deposit volume matches the market volume. Huobi plans to keep users informed and provide advance notice before these trading pairs are introduced. Gates will open on September 12th at 11:00 (UTC) for those wishing to withdraw.
The Rise of PYUSD in the Digital Ecosystem
Just a month ago, global payments giant PayPal created quite a stir in the cryptocurrency industry by launching the PYUSD stablecoin. Meticulously crafted by Paxos Trust Co., the Ethereum-based stablecoin holds the promise of expanding the horizons of using digital tokens in everyday transactions. As a testament to its reliability, all PYUSD is fully backed by USD funds, cash equivalents and short-term government bonds.
Some cryptocurrency investors have expressed concerns about the transparency of the PYUSD stablecoin, causing an uproar in the cryptocurrency community. However, there is no denying that the launch of this stablecoin is a significant step forward that could help push this concept into the mainstream. The cryptocurrency industry’s major interest in PYUSD demonstrates the currency’s potential. Huobi took the lead by expressing its intention to list PYUSD and noting that PYUSD/USDT would become the flagship pair for commission-free trading options.