The popular exchange OKX now offers PayPal’s PYUSD stablecoin for Spot Market trading, in addition to Circle’s USDC and USDT.
One year after its introduction, PayPal’s stablecoin PYUSD is gradually establishing itself on significant exchanges. OKX, a prominent global digital asset trading platform, announced Thursday that it has implemented support for the token on its spot market.
The stablecoin deposits were made available earlier today at 9:00 am UTC, and withdrawals are scheduled to commence at approximately 10:00 am UTC tomorrow, October 4. The company has reported this information.
A New Player in a Sea of Established Rivals
PYUSD will now be traded on OKX in conjunction with Tether and Circle’s USD Coin, two of the most dominant stablecoins in the market. USDT currently has a market capitalization of $119.628 billion, as reported by CoinMarketCap, while USDC has a market capitalization of approximately $36 billion.
In August 2024, PYSUD achieved the $1 billion market cap milestone as a newcomer to the crypto economy. Although the digital asset remains behind its more established competitors, PayPal’s status as a global payments powerhouse could stimulate additional growth for PYUSD.
The stablecoin is exclusively issued by Paxos Trust Company, a blockchain custodian firm headquartered in the United States. The value of the US dollar fully backs it with a 1:1 ratio. The sole stablecoin supported on PayPal’s payment rails was PYUSD, deployed on Ethereum as an ERC-20-compatible token at launch.
Increasing Accessibility with Solana
PayPal has recently expanded its support for PYUSD to encompass the Solana blockchain in response to the obstacles presented by high Ethereum transaction fees. This action offers users a more efficient method of utilizing the stablecoin.
“Our objective of facilitating a digital currency with a consistent value that is specifically designed for commerce and payments is furthered by the inclusion of PYUSD on the Solana blockchain,” PayPal stated that the Solana network is the optimal blockchain for the development of new payment solutions that are instantaneous, cost-effective, and accessible due to its scalability and speed.
To further this initiative, the company has partnered with Phantom, a self-custody Web3 wallet designed for the Solana ecosystem, and Crypto.com, a digital asset trading platform led by Kris Marszalek. The objective of the partnership is to guarantee that PYUSD is accessible on Solana in a seamless manner.
The payment firm partnered with MoonPay, a blockchain infrastructure provider, in May. This partnership will allow users to purchase cryptocurrencies like PYUSD directly through their PayPal accounts.
An Increase in Interest in Stablecoins
Meanwhile, the stablecoin market has captivated numerous companies eager to investigate its potential as it continues to develop. Ripple recently disclosed that it has generated 99% of the initial supply of its upcoming stablecoin, Ripple USD (RUSD), for testing on both the Ethereum blockchain and the XRP Ledger platforms.
The digital asset currently awaiting regulatory approval in the United States will be specifically designed for institutional investors seeking to mitigate market volatility.
BitGo, a prominent crypto custodian firm, disclosed in September that it intends to introduce its digital asset, USDS, into the stablecoin market. According to the company, the stablecoin will be the “first open-participation stablecoin” at launch.