The update reveals that users can now participate in deposits and withdrawals using PYUSD, with trading of this stablecoin set to kick off on Kraken starting August 21.
The incorporation of PYUSD into the Kraken platform represents a significant achievement within the cryptocurrency sphere. To add PYUSD to their Kraken accounts, users can seamlessly follow the steps within the Funding section, selecting the asset, and initializing a deposit.
It’s crucial to highlight that only deposits conducted on the Ethereum network will be supported, as deposits made on other networks will not be processed.
Recently introduced by PayPal, the PYUSD stablecoin is designed to streamline virtual transactions, particularly in the domain of blockchain payments.
Exclusively accessible to eligible PayPal customers in the United States, PYUSD offers distinctive features, including the convenience of conversion to fiat currency through a simple process on the PayPal platform.
Utilizing the Ethereum blockchain as its foundation, PYUSD will first be accessible on PayPal and subsequently on Venmo. This stablecoin offers easy conversion to dollars at any given time, enhancing its practicality for day-to-day transactions.
In parallel developments, Bybit, a prominent cryptocurrency exchange, has announced its intention to integrate the PYUSD stablecoin into its spot trading platform. While the exact inclusion date is yet to be revealed, this step underscores the growing acknowledgment of PYUSD within the cryptocurrency ecosystem.