OKX, the fifth-largest cryptocurrency exchange, announced the launch of PYUSD/USDT on its spot trading markets. Starting on October 3, 2024, users can deposit PYUSD and participate in call auctions before the trading pair goes live at noon UTC. This move follows OKX’s broader effort to enhance its trading options and follows other exchanges like Bybit and Helix in listing the PayPal stablecoin.
OKX will allow traders to deposit PYUSD from 9:00 a.m. UTC, with call auctions between 11:00 a.m. and 12:00 p.m. UTC. This process will enable traders to place orders before PYUSD/USDT trading officially opens. The spot trading pair will become available at noon UTC. Withdrawals for PYUSD will be accessible on October 4, starting at 10:00 a.m. UTC.
PayPal launched PYUSD in August 2023 and has quickly become a prominent stablecoin in the crypto space. Fully backed by U.S. dollars on a 1:1 basis, it aims to provide a stable payment solution within the crypto ecosystem. Since its introduction, it has been listed on several exchanges, with OKX being the latest addition.
OKX adds more trading options
On October 3, 2024, OKX launched the PYUSD/USDT trading pair and introduced several new offerings. The platform added the ETH/BTC pair to its dual investment product, allowing users to convert between Bitcoin and Ethereum without transaction fees. OKX assured traders of favorable conversion rates and returns on both assets through this investment product.
The exchange added tokens to its perpetual futures market, including the Moo Deng memecoin and NEIRO. EIGEN from Eigen Layer was also listed on the spot and perpetual futures markets following its addition on October 1. OKX also introduced several USDC trading pairs to its spot market on September 30, further expanding its trading options.
PYUSD’s rapid growth
Since its debut in the market, PYUSD has achieved significant milestones, including surpassing $1 billion in market capitalization by the end of August 2023. However, data from CoinMarketCap shows that the stablecoin’s market cap has since decreased to $715 million at the time of writing.
PYUSD’s early growth can be attributed to its launch on the Ethereum blockchain and its expansion to Solana. Solana’s fast transaction speeds and low costs have contributed to the popularity of stablecoin. According to PayPal, Solana’s blockchain infrastructure supports the company’s goal of providing a stable and efficient digital payment asset. Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currency, emphasized that the Solana expansion aligns with PayPal’s broader goal of enabling digital currency for payments.
PayPal has also partnered with key industry players such as Phantom, Crypto.com, and Paxos to bolster PYUSD’s presence in the market. Additionally, the company collaborated with Anchorage Digital to introduce a reward program for PYUSD holders on its platform.
OKX’s listing of PYUSD further solidifies the stablecoin’s growing presence in the market. The exchange continues to expand its offerings to provide users with more diverse trading opportunities.