This strategic move marks a significant milestone as Huobi becomes the first exchange to embrace the PYUSD stablecoin. The exchange giant has also declared a groundbreaking policy of zero handling fees for the PYUSD/USDT trading pair, promising to uphold this fee structure indefinitely.
PYUSD, the brainchild of PayPal, serves as a secure and practical stablecoin for seamless transfers and payments denominated in US dollars. Issued by the reputable Paxos Trust Company, the stablecoin boasts a robust backing of 100% US dollar deposits, short-term US Treasury bonds, and cash equivalents. Currently, there are 26.9 million PYUSD tokens in circulation.
Huobi’s commitment to fostering collaborative growth within the blockchain industry has driven this groundbreaking partnership. The exchange is primed to launch the PYUSD/USDT trading pair once optimal market circulation and liquidity conditions are achieved, a move keenly anticipated by industry observers.
In a parallel development, security has taken center stage. GitHub reveals that PYUSD has implemented stringent security protocols through its underlying technology provider, Paxos. This means that, in the face of significant security threats, both the authorization and transfer functions of PYUSD can be swiftly suspended, ensuring the safety of user holdings.
However, the launch of PYUSD has not been without challenges. Reports indicate that opportunistic actors are attempting to exploit the situation by circulating counterfeit tokens under the “PYUSD” label across various decentralized networks. The vigilant DEX Screener has identified over 60 recently spawned token pairs masquerading as PYUSD since the initial announcement.
Cryptocurrency exchanges review:
#1 OKX - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.
#2 ByBit - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.
#3 Gate.io - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.
#4 MEXC - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.
#5 KuCoin - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.
#6 Huobi - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.
#7 Bitfinix - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.
My bitcoin-blog: https://sites.google.com/view/my-crypto ... -1-million
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