The popular crypto exchange OKX announced that it will support PayPal’s stablecoin in its stablecoin market.
PayPal is a well-known digital payment platform. Due to its support for multiple fiat currencies, it attracted a large user base in the early days of international payment business services. Last year, PayPal launched its stablecoin ($PYUSD) on the Ethereum blockchain network.
On 3 Oct 2024, OKX, the second-largest global crypto exchange, announced that it will launch PayPal USD (PYUSD) spot trading.
#NewListing #OKX will list $PYUSD @Paypal!
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$PYUSD/USDT Spot trading begins at 12:00 PM on October 3rd (UTC)
More: https://t.co/mJ10MUeekh pic.twitter.com/YNH6kIz0zD
— OKX (@okx) October 3, 2024
This latest decision by OKX will surely encourage crypto investors to use PayPal’s stablecoin.
It’s also worth noting that PayPal recently expanded its stablecoin to the Solana blockchain network. This move aims to leverage Solana’s fast transaction speeds and low costs, improving the stablecoin’s efficiency for payments and transfers.
Payment Giant Visa to Enter the Stablecoin Business
According to reports, payment processor giant Visa is also preparing to enter the crypto stablecoin business sector.
In a recent interview with Fortune, BBVA’s head of digital assets and blockchain, Francisco Maroto, revealed that Visa is planning to launch a stablecoin, with a prototype expected in 2025.
It’s important to note that financial service companies have been rapidly showing interest in the crypto sector. However, top players prefer to avoid volatility and are opting to enter the stablecoin business instead.
Currently, San Francisco-headquartered blockchain firm Ripple is also working on its stablecoin venture.
Such developments around crypto stablecoin among the top crypto companies is showing that the regulatory situation is now drastically changing around cryptocurrencies & companies have better clarity around crypto related business activities.
Read also: XRP lawsuit heats up again, the SEC body files appeal against court ruling
OKX Exchange to Support PayPal’s PYUSD Stablecoin, Visa Eyes Entry into Stablecoin Market
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