OKX announces the launch of PYUSD for spot trading

OKX announced on October 3 that it would list the PYUSD/USDT pair on its spot trading markets. The fifth-largest exchange also released a schedule for users to enter the PYSUD spot trading after launch. OKX is the latest exchange to add PYUSD/USDT to its spot trading markets, along with Bybit and Helix.

Traders planning to deposit PYUSD can begin at 9:00 a.m. UTC when the deposits open. OKX will also open PYUSD call auctions from 11:00 a.m. to 12 p.m. UTC. Call auctions allow users to submit buy and sell orders before the PYUSD/USDT trading pair goes live on the spot trading markets. The exchange will open the pair’s spot trading at noon UTC. Anyone who plans on withdrawing their PYUSD can do so on October 4 starting at 10:00 a.m. UTC.

PYSUD, the PayPal stablecoin, entered the markets in August 2023 and has been making waves in crypto. The coin is now among the top stablecoins in the industry, and it stands as a favorable payment solution, according to PayPal. The stablecoin is fully backed by the U.S. Dollar, having a 1:1 ratio. 

Bybit was among the first exchanges to list PYUSD in its spot trading market on September 20, 2023. Helix, a decentralized spot and derivatives exchange, listed the PYUSD/USDT pair in its spot market on June 12.

OKX adds more tokens and options to its platform

OKX also posted updates on more options it added on October 3 besides the PYUSD/USDT  pair. The exchange added the ETH/BTC pair to the dual investment product. OKX mentioned that traders could convert between BTC and ETH at favorable prices to earn returns on both coins. The exchange assured users that the dual investment has no transaction fees. 

The exchange also listed the Moo Deng memecoin and NEIRO to its perpetual futures trading markets on October 3. OKX further listed Eigen Layer’s EIGEN to its spot markets and added it to its perpetual futures market on October 1. On September 30, the exchange introduced multiple USDC pairs to spot trading.

PYUSD crosses $1 billion 

PayPal's $PYUSD crossed $1 billion this weekend.

Recall at the end of last year, the stablecoin had less than 5,000 tokenholders, compared to 23,000+ today. As highlighted before, this is largely driven by its partnerships with DeFi protocols.

Offering yield through DeFi… pic.twitter.com/nA01UUkj0b

— RWA.xyz (@RWA_xyz) August 26, 2024

PYUSD has made significant strides since its launch, reaching the $1 billion mark in market capitalization at the end of August. The stablecoin also recorded significant monthly transactions, active addresses, and monthly holders. Data from Coinmarketcap still shows that the stablecoin’s market cap has dropped to $715 million at the time of writing. 

Some growth points for PYUSD came from its launch on the Ethereum blockchain and later expansion into Solana. Solana, which has been seeing growth and partnerships this year, acts as a fuel for the coin. According to PayPal, the blockchain offers PYUSD with rapid transactions and low transaction costs. The payment service providers executive Jose Fernandez da Ponte explained that the stablecoins availability Solana furthers PayPal’s plan to avail a stable digital asset for payments.

“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

For its debut in Solana, PayPal has also made significant partnerships with companies such as Phantom, Crypto.com, and Paxos. PayPal also partnered with Anchorage Digital to launch a reward program for PYUSD holders on its platform.