The new crypto trading platform, called TrueX, is set to use PayPal’s stablecoin (PYUSD) as its main form of settlement.
Official Announcement
TrueX was officially announced on September 18th. The platform is described as a “non-custodial, stablecoin-native exchange.” This means it’s designed to use stablecoins like PYUSD right from the start without needing to hold users' funds in traditional bank accounts. TrueX has already raised $9 million in seed funding from big names in the crypto world, including Paxos, Solana Foundation, Aptos, RRE Ventures, and Reciprocal Ventures. The TrueX team is ready to make a significant impact on the crypto market.
Importance of PYUSD Stablecoin
Using a stablecoin like PYUSD can help avoid the wild swings in value that other cryptocurrencies often experience. This results in more predictable and safer transactions for traders and investors.
Growth of PYUSD Supply
Over the past six months, the supply of PYUSD has surged dramatically, increasing from $208 million to over $1 billion at its peak. The launch of PYUSD on the Solana platform in May has significantly boosted its availability, with Solana now accounting for 59% of PYUSD’s total supply.
TrueX promises to become a significant player in the crypto market by offering stable and secure transactions with the use of the PYUSD stablecoin.
Comments