Crypto exchange Kraken has announced the launch of PayPal's stablecoin, PYUSD, providing its clients with greater investment and trading opportunities.
PYUSD is available on Kraken and Kraken Pro, the exchange's platform for experienced users.
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The exchange now offers deposit and withdrawal functions, making it easy to move PYUSD into users' portfolios and trading much smoother.
In addition, the exchange has launched PYUSD trading, allowing traders to take advantage of the stablecoin's reliability in the fast-changing cryptocurrency market.
The exchange notes that trading through the Kraken app and buying PYUSD will be available once liquidity requirements are met.
Kraken's decision to launch PYUSD underscores its commitment to fostering innovation in the crypto ecosystem. The introduction of a stablecoin backed by PayPal is aimed at minimizing the difference between traditional finance and the cryptocurrency world.
PYUSD is a stablecoin pegged to the US dollar. It is backed by US dollar deposits, short-term US Treasury bonds, and similar assets. Users can use PYUSD for transactions between PayPal and external wallets, purchases, and conversions of cryptocurrencies supported by the payment system.
Earlier, Binance had integrated PancakeSwap and Kyber Network.
