- On October 3, OKX revealed the addition of the PYUSD/USDT trading pair to its spot trading markets.
- Alongside Bybit and Helix, OKX is among the exchanges that feature PayPal’s stablecoin in their spot market offerings.
- Traders have the opportunity to participate in OKX call auctions prior to the official launch of the trading pair on the platform.
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On October 3, OKX declared its intention to include the PYUSD/USDT trading pair in its spot trading markets. As the fifth-largest cryptocurrency exchange, OKX also provided a timeline for users to begin trading PYUSD following its launch. This addition positions OKX alongside other exchanges, such as Bybit and Helix, that have recently incorporated the PYUSD/USDT pair into their trading offerings.QU
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Traders intending to deposit PYUSD can commence their activities at 9:00 a.m. UTC when the deposit window opens. Additionally, OKX will initiate PYUSD call auctions from 11:00 a.m. to 12:00 p.m. UTC. These call auctions provide users with the opportunity to place buy and sell orders prior to the launch of the PYUSD/USDT trading pair on the spot trading markets. The spot trading for this pair will officially begin at noon UTC. For those wishing to withdraw their PYUSD, this will be possible starting October 4 at 10:00 a.m. UTC.
Launched in August 2023, PYUSD, the stablecoin developed by PayPal, has quickly gained traction within the cryptocurrency landscape. It has established itself as one of the leading stablecoins in the market and is recognized by PayPal as a reliable payment option. The stablecoin maintains a full backing by the U.S. Dollar, ensuring a 1:1 value ratio.
Bybit was one of the pioneering exchanges to incorporate PYUSD into its spot trading market, doing so on September 20, 2023. Furthermore, Helix, a decentralized exchange specializing in spot and derivatives trading, added the PYUSD/USDT pair to its spot market on June 12.
More tokens and options are added to OKX’s platform
On October 3, OKX announced several enhancements to its trading options, in addition to the introduction of the PYUSD/USDT pair. Among these updates, the exchange incorporated the ETH/BTC pair into its dual investment product, allowing traders to exchange BTC and ETH at advantageous rates, thereby facilitating potential returns on both cryptocurrencies. Furthermore, OKX emphasized that this dual investment feature incurs no transaction fees for users.
In addition to these developments, OKX expanded its perpetual futures trading markets by listing the Moo Deng memecoin and NEIRO on the same day. Moreover, Eigen Layer’s EIGEN was added to both the spot and perpetual futures markets on October 1. Prior to these updates, on September 30, the exchange had also introduced several USDC pairs for spot trading, further diversifying its offerings.
PYUSD has achieved notable progress since its introduction, surpassing a market capitalization of $1 billion by the end of August. Additionally, the stablecoin has experienced substantial monthly transaction volumes, an increase in active addresses, and a rise in the number of monthly holders. However, according to the latest data from Coinmarketcap, the market capitalization of the stablecoin has decreased to $715 million as of the current writing.
The launch of PYUSD on the Ethereum blockchain, followed by its subsequent expansion to Solana, has contributed to its growth. Solana, which has experienced significant growth and established partnerships this year, serves as a catalyst for the coin’s development. PayPal has noted that this blockchain facilitates rapid transactions and minimizes transaction costs for PYUSD. Jose Fernandez da Ponte, an executive at the payment service provider, elaborated that the presence of stablecoins on Solana aligns with PayPal’s objective to provide a stable digital asset for payment purposes.
“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.”
-Jose Fernandez da Ponte, PayPal’s Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group
In its inaugural venture into the Solana ecosystem, PayPal has established notable collaborations with firms including Phantom, Crypto.com, and Paxos. Additionally, PayPal has joined forces with Anchorage Digital to introduce a rewards program specifically designed for holders of PYUSD on its platform.
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