Coinspeaker OKX Welcomes PayPal’s Stablecoin PYUSD to Its Spot Market
PayPal’s stablecoin PYUSD PYUSD $1.00 24h volatility: 0.2% Market cap: $715.16 M Vol. 24h: $37.88 M is gradually finding its place on major exchanges just a year after its launch. On Thursday, OKX, a leading global digital asset trading platform, announced that it has added support for the token on its spot market.
The company shared that deposits for the stablecoin became available earlier today at 9:00 am UTC, with withdrawals set to begin tomorrow, October 4, at approximately 10:00 am UTC.
A New Player among Established Rivals
PYUSD will now trade on OKX alongside notable competitors such as Tether USDT $1.00 24h volatility: 0.2% Market cap: $119.52 B Vol. 24h: $62.38 B and Circle’s USD Coin USDC $1.00 24h volatility: 0.2% Market cap: $35.54 B Vol. 24h: $8.48 B , two of the most dominant stablecoins in the market. According to CoinMarketCap, USDT currently commands a market cap of $119.628 billion, while USDC holds around $36 billion.
As a new entrant to the crypto economy, PYSUD recently crossed the $1 billion market cap milestone in August 2024. While the digital asset still lags behind compared to its more established rivals, many speculate that PayPal’s status as a global payments powerhouse could drive further growth for PYUSD in years to come.
The stablecoin is backed 1:1 to the value of the US dollar and is issued exclusively by Paxos Trust Company, a blockchain custodian firm headquartered in the United States. At launch, PYUSD was deployed on Ethereum as an ERC-20 compatible token as the only stablecoin supported on PayPal’s payment rails.
Expanding Accessibility with Solana
Recognizing the challenges posed by high Ethereum transaction fees, PayPal has recently broadened support for PYUSD to include the Solana blockchain. This move provides users with a more efficient option for utilizing the stablecoin.
“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments. The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” said PayPal.
To enhance this initiative, the company has partnered with Crypto.com, a digital asset trading platform led by Kris Marszalek and Phantom, a self-custody Web3 wallet built for the Solana ecosystem. The partnership aims to ensure seamless access to PYUSD on Solana.
In May, the payment firm also secured another partnership with MoonPay, a blockchain infrastructure provider to enable users to purchase cryptocurrencies, including PYUSD, directly through their PayPal accounts.
A Surge of Interest in Stablecoins
Meanwhile, as the stablecoin market continues to evolve, it has caught the attention of various companies eager to explore its potential. Recently, Ripple announced that it has minted 99% of the initial supply of its forthcoming stablecoin, Ripple USD (RUSD), for testing on both the Ethereum blockchain and the XRP Ledger.
The digital asset which is still awaiting regulatory approval in the United States will be specifically tailored for institutional investors looking to hedge against market volatility.
In September, BitGo, a prominent crypto custodian firm revealed that it is venturing into the stablecoin space with plans to launch its own digital asset, USDS. According to the firm, the stablecoin will be the “first open-participation stablecoin”, in the market at launch.
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OKX Welcomes PayPal’s Stablecoin PYUSD to Its Spot Market
