Cryptocurrency platform Kraken has officially unveiled the availability of the PayPal PYUSD payment system stablecoin and announced its launch date on the platform.
In an announcement, the exchange said that users can now deposit and withdraw funds using PYUSD. Kraken will begin trading stablecoins on August 21.
The launch of PYUSD on Kraken's platform will be a major event in the cryptocurrency industry.
The exchange has announced the procedure for users to add PYUSD to their accounts. Users should follow a simple process of navigating to the Funding section, selecting an asset, and choosing a Deposit.
The exchange management noted that only deposits on the Ethereum network will be supported, and deposits from other networks will not be processed.
Payment system PayPal recently stirred up the crypto community with the launch of its PYUSD stablecoin. Its main stated goal is to streamline virtual transactions, especially payments via blockchain.
PYUSD offers several features, including the convenience of converting to fiat currency through a simple process on the PayPal platform. PYUSD will only be available to eligible PayPal clients in the United States.
PYUSD, which is based on the Ethereum blockchain, will be available initially through PayPal and later through Venmo. PYUSD facilitates conversion to dollars, making purchases faster, more convenient, and more affordable.
Earlier, the cryptocurrency exchange Bybit also announced its intention to add the PYUSD stablecoin to its spot trading platform.
Read also: Payoneer obtained a license from MAS.
