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- OKX lists PayPal USD (PYUSD) for spot trading, increasing its accessibility and liquidity across Ethereum and Solana blockchains.
- PYUSD offers fast, low-cost transfers on Solana, backed by U.S. dollars and regulated by Paxos Trust Company.
One of the biggest offshore crypto exchanges, OKX, lately revealed the introduction of PayPal USD (PYUSD). The choice to list PYUSD comes at a period when stablecoins are progressively central to the crypto ecosystem. Issued by PayPal, PYUSD—which maintains a 1:1 value with the USD—is entirely backed by the US dollar.
PYUSD distinguishes itself by being compatible with both Ethereum and Solana blockchains, thereby providing users more freedom during transaction making.
📢 #NewListing #OKX will list $PYUSD @Paypal!
🟢 $PYUSD/USDT Spot trading begins at 12:00 PM on October 3rd (UTC)
More: https://t.co/mJ10MUeekh pic.twitter.com/YNH6kIz0zD
— OKX (@okx) October 3, 2024
OKX Strengthens PYUSD Liquidity with Global Access and Fast Transactions
OKX users may deposit PYUSD, participate in call auctions, and engage in PYUSD/USDT spot trading starting today, October 3, 2024 Starting on October 4, the next day will be withdrawals available. More liquidity for PYUSD from this listing lets the stablecoin be accessed globally with simplicity.
By supporting PYUSD, OKX shows its dedication to providing its customers with consistent and dependable trading choices.
PYUSD’s release by PayPal is a component of the company’s larger plan to enable faster and more affordable digital payments. Originally present on the Ethereum blockchain, PayPal increased PYUSD’s availability to Solana in 2024, according to CNF.
Solana is the perfect blockchain for this stablecoin because of its track record of handling massive numbers of transactions at fast speed with low cost. Users that value quick, low-cost transfers—especially for business use—will gain from this action.
By extending PYUSD to Solana, PayPal’s aim of transforming digital commerce—offering a consistent, easily transferable asset that can be utilized effortlessly across many platforms—is also reflected.
PYUSD’s debut coincides with stablecoins under more and more scrutiny and control. As we previously noted, through its relationship with Paxos Trust Company, which handles reserve issuing and management, PayPal has confirmed that PYUSD conforms with legal criteria.
These reserves guarantee PYUSD keeps its peg to the dollar by including U.S. dollar deposits, Treasuries, and cash equivalents. PayPal’s arrival into the stablecoin market is unmistakable evidence that established financial institutions give digital currencies top priority.