Categories: News

PayPal’s PYUSD Stablecoin To Launch On Kraken On August 21

Key Points:

PayPal’s PYUSD stablecoin is now available on Kraken, offering easy deposits, withdrawals, and trading as of August 21.
Adding PYUSD to Kraken accounts involves Ethereum deposits, ensuring straightforward transactions on platforms like PayPal and Venmo.
Bybit exchange plans to adopt PYUSD on its Spot trading platform, highlighting the stablecoin’s role in connecting fiat and digital currencies.

In a significant development, PayPal’s US dollar stablecoin, PYUSD, has been officially introduced on the Kraken platform.

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.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.