Key Points:
The announcement details that users can now engage in deposits and withdrawals using PYUSD. The stablecoin is scheduled to commence trading on Kraken starting on August 21.
The integration of PYUSD into Kraken marks a significant milestone in the cryptocurrency landscape. To add PYUSD to their Kraken accounts, users can follow the simple process of navigating to the Funding section, selecting the asset, and initiating a deposit.
It’s important to note that only deposits made on the Ethereum network will be supported, as deposits made on other networks will not be processed.
Recently launched by PayPal, the PYUSD stablecoin aims to streamline virtual transactions, particularly within the realm of blockchain payments.
Exclusively available to eligible PayPal customers within the United States, PYUSD offers distinct features, including the ease of conversion to fiat currency through a straightforward process on the PayPal platform.
Built on the Ethereum blockchain, PYUSD will be initially accessible on PayPal and subsequently on Venmo. The stablecoin facilitates convenient conversion to dollars at any point in time, enhancing its usability for everyday transactions.
In parallel news, Bybit, a prominent cryptocurrency exchange, has disclosed its intention to incorporate PYUSD stablecoin into its spot trading platform. While the official inclusion date has yet to be announced, this move underscores the growing recognition of PYUSD within the cryptocurrency ecosystem.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
George Town, Grand Cayman, 22nd November 2024, Chainwire
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