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OKX Puts PayPal's PYUSD Stablecoin in Focus Ahead of October 3 Launch

Barbara Streisand

Oct 03, 2024 pm 10:00 PM

okx Spot Trading PayPal PYUSD

The listing begins with deposits opening at 9:00 am UTC, followed by a call auction between 11:00 am and 12:00 pm UTC.

OKX Puts PayPal's PYUSD Stablecoin in Focus Ahead of October 3 Launch

OKX, the second-largest offshore cryptocurrency exchange by trading volume, has announced the addition of PayPal USD (PYUSD) to its spot trading options. The stablecoin, which maintains parity with the US dollar and operates on both the Ethereum and Solana blockchains, will be available for trading on OKX beginning October 3, 2024.

The listing will proceed as follows: deposits will open at 9:00 am UTC, followed by a call auction from 11:00 am to 12:00 pm UTC. During this period, bids and offers will be collected to determine the initial price. Subsequently, trading for PYUSD/USDT will commence at 12:00 pm UTC. Finally, withdrawals will become available from 10:00 am UTC the next day.

OKX's decision to list PYUSD is part of a broader trend of increasing stablecoin adoption. Stablecoins serve as a bridge between fiat currencies and digital assets, facilitating the transfer of funds between these two worlds.

This move by OKX is likely intended to cater to traders seeking to trade stablecoins for reduced volatility and ease of transfer across blockchain ecosystems. The performance of PYUSD in the market will ultimately determine its reception among traders.

This news comes amid a growing integration of digital assets into mainstream financial systems. Major companies, such as PayPal, are playing a significant role in this process. Stablecoins are at the forefront of this convergence, and their performance in the market will be a key indicator of the broader adoption of cryptocurrencies.

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