- OKX exchange has opened the deposits of PayPal’s PayPal USD stablecoin.
- PayPal USD (PYUSD) is the sixth largest stablecoin in the market.
The cryptocurrency market has seen a spur of activity in the last 24 hours. While the Uptober bull run has not begun yet, prices have declined. Meanwhile, cryptocurrency firm Ripple has reaffirmed its vow to battle with the SEC. Amid traders’ significant losses and partnerships, as aforementioned, the sector showed increased activity.
Notably, a prominent crypto exchange, OKX announced that it would begin listing the PayPal-based stablecoin, PayPal USD (PYUSD). The exchange stated that the spot trading for the asset would commence on Thursday, October 3. Specifically, PYUSD deposits were opened in the UTC morning hours, following which trading will begin at 12.00 pm UTC.
Additionally, the stablecoin withdrawals on OKX are scheduled to begin on Friday, October 4. OKX is a significant cryptocurrency exchange in the Asian region and has seen several advancements in the past few months. Recently, the exchange announced the listing of the prominent crypto game Hamster Kombat’s HMSTR token.
Moreover, the exchange also has taken measures to prevent security concerns. In this regard, the exchange announced the banning of Tornado cash transactions which was subject to several criticisms.
How Does the OKX Listing Benefit PayPal USD Stablecoin?
PayPal’s stablecoin PYUSD was launched in 2023 and recently, the stablecoin has reached several significant milestones. Recently, in July, the PYUSD surpassed $500 million in market cap and has also risen to become the sixth-largest stablecoin.
Additionally, the recent listing helps the stablecoin expand to new regions and provide accessibility to users worldwide. The crypto asset is backed by the US dollar and is currently trading at $0.9999 with a 0.2% increase in the past day as per CMC data.
Moreover, in the recent past months, stablecoins have garnered market attention and have shown significant increases in trading volume and market cap. Some of the leading stablecoin issues such as Tether and Circle have also ventured into new projects within the community.
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