Huobi exchange announced support for the Paxos newly launched stablecoin PYUSD. The exchange announced that it will be the first to support the launch of the stablecoin.
Furthermore, Huobi will offer PYUSD/USDT trading pairs for users and has stated that it will enable a permanent 0 trading fee. However, Huobi will open trading for the pair “when the market circulation and liquidity conditions are favorable.”
The exchange said it is committed to collaborating and contributing to the development of the industry.
PayPal launched a stablecoin (PYUSD) for transfers and payments backed by U.S. dollars and redeemable 1:1. PYUSD is issued by the Paxos Trust Company with a total of 26.9 million PYUSD already issued.
There was an earlier security alert on the Github information for PayPal’s stablecoin PYUSD showing addresses with AssetProtectionRole permissions which can initiate freezing/unfreezing or even wipe the balance of any account.
This implies that in a case of a serious security threat, Paxos could suspend PYUSD’s authorization and transfer functions. Additionally, Paxos will have the ability to freeze or seize the assets of criminal parties when asked for by law.
In response, Paxos said it will not perform the freeze function itself. However, notable stablecoins like USDT and USDC employ a similar blacklist-freezing mechanism.
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