Within a day of its launch, Paxos-issued Paypal USD (PYUSD) has started making waves in the crypto space. After its inception on Monday, PYUSD has attained the attention of consumers as well as key stakeholders within the crypto industry. Some exchanges are planning to list the stablecoin on their platforms. However, there are mixed views about the coin within the crypto sector.
As per initial details, the stablecoin is backed by highly liquid and secure assets. It claims that the stablecoin is here to solve the crisis in the market. Moreover, PYUSD is launched by the Paxos Trust Company and it is backed by USD deposits, short-term US treasury bonds, and other cash equivalents. As of now, a total of 26.9 million PYUSD have been issued.
Huobi Global and BitMart Lends Support for PYUSD
The Huobi exchange has become the first crypto exchange to announce support for the token. The renowned exchange stated released a statement on August 8, stating that it will list PYUSD/USDT trading pair with a permanent zero handling fee. The coin will be listed as soon as it hits the market and reaches enough liquidity.
‘Huobi has always been committed to maintaining friendly communication with high-quality projects and institutions in the industry to jointly promote the development of the industry.’
Along with Huobi, BitMart has also announced the listing of PYUSD stablecoin. It will be listing the PYUSD/USDT trading pair and users will start trading from August 8 at 6:00 AM UTC. The announcement from these two popular platforms is a key breakthrough for the newly launched coin. Plus, the response from traders will set the tone for the future of this stablecoin.
💰Trading pair: $PYUSD/USDT
💎Trading: 8/8/2023 6:00 AM UTC
— BitMart (@BitMartExchange) August 8, 2023
As of now, other prominent crypto exchanges have refrained from adding or lending support to the new stablecoin. Many experts argue that the stablecoin has centralization and security concerns. It is because Paxos has the control to freeze or seize the funds of anyone when required by the authorities.
The stablecoin is written in Solidity v0.4.24 which is known to have poor security, back doors, and zero scale. Therefore, these reasons have been a key factor in minimal support to the Pasox-issued stablecoin, and even with Paypal’s association, it is having a hard time in the industry.