PayPal’s US dollar stablecoin, PYUSD, has officially debuted on the Kraken platform. Consequently, users can now make deposits and withdrawals using PYUSD, as outlined in the announcement. Significantly, the stablecoin will be available for trade on Kraken starting August 21.
The addition of PYUSD trading on Kraken marks a major milestone in the cryptocurrency world. To fund their Kraken accounts with PYUSD, users can navigate to the Funding tab, select the asset, and click the “Deposit” button. However, it is crucial to note that only deposits made on the Ethereum network will be processed.
PayPal’s new PYUSD stablecoin aims to simplify using cryptocurrencies and blockchain-based payment systems. Designed on the Ethereum blockchain, PYUSD is a unique feature of PayPal, exclusively available to residents of the United States. Moreover, it allows easy conversion to fiat money on the PayPal network.
Initially, PYUSD will be usable with PayPal and subsequently with Venmo. The stablecoin can be effortlessly exchanged for dollars anytime, making it more convenient for everyday use. Hence, PYUSD is poised to become a practical tool for users seeking stability and ease of conversion in the volatile world of cryptocurrencies.
In related news, major cryptocurrency trading platform Bybit has also announced its intention to add PYUSD stablecoin to its spot trading platform. Although the official inclusion date has not been disclosed, this move indicates that PYUSD is gaining momentum in the cryptocurrency market.
The introduction of PYUSD on Kraken and the planned addition of Bybit are significant steps in adopting stablecoins. As the cryptocurrency market continues to evolve, stablecoins like PYUSD provide users with more options for trading and transacting. Besides, easily converting stablecoins to fiat currency on platforms like PayPal and Venmo enhances their appeal to a broader audience.
The launch of PYUSD on Kraken and the forthcoming addition on Bybit highlight the growing acceptance of stablecoins in the cryptocurrency market. As PYUSD gains traction, it is expected to offer users greater flexibility and convenience in cryptocurrency transactions.
