{"id":351239,"date":"2023-08-18T21:40:40","date_gmt":"2023-08-18T20:40:40","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=351239"},"modified":"2023-08-19T01:09:30","modified_gmt":"2023-08-19T00:09:30","slug":"kraken-introduces-support-for-paypals-stablecoin-pyusd","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/kraken-introduces-support-for-paypals-stablecoin-pyusd\/","title":{"rendered":"Kraken introduces support for PayPal&#8217;s stablecoin, PYUSD"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/kraken\/\">Kraken<\/a> announced on <a href=\"https:\/\/blog.kraken.com\/news\/trading-for-paypal-usd-pyusd-starts-august-21-deposit-now\">Aug. 18<\/a> that it had added support for PayPal's stablecoin, also known as PayPal USD or PYUSD.<\/p>\n<p>The cryptocurrency exchange said that deposits and withdrawals of PYUSD are currently open and added that it will open trading on Aug. 21.<\/p>\n<p>Kraken said that PayPal's stablecoin will initially be available on Kraken and Kraken Pro. It noted that it will add support for PYUSD on its Kraken App and Instant Buy features after user trading produces sufficient liquidity for the asset.<\/p>\n<p>Kraken's announcement also indicates that PYUSD deposit and order sizes must be worth at least $5.00 and that orders may have up to 4 decimal points of precision. The exchange will offer U.S. dollar (USD) and euro (EUR) trading pairs. Kraken additionally instructed users to deposit PayPal's stablecoin only on the <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> blockchain.<\/p>\n<h2>Broader adoption is on the way<\/h2>\n<p><a href=\"https:\/\/cryptoslate.com\/companies\/paypal\/\">PayPal<\/a> unveiled its stablecoin on <a href=\"https:\/\/cryptoslate.com\/paypal-launches-erc20-stablecoin-pyusd-with-paxos\/\">Aug. 7<\/a>, at which time it said that PYUSD would serve as a fully-backed, dollar-pegged asset. However, apart from its own app, PayPal offered few details about the platforms on which PYUSD could be purchased.<\/p>\n<p>While Kraken was one of the first crypto exchanges to incorporate PYUSD, several others have followed suit, demonstrating a wider market acceptance of the stablecoin. <a href=\"https:\/\/cryptoslate.com\/companies\/bybit\/\">ByBit<\/a> also announced plans to support PYUSD on Aug. 17, while Changelly announced support for PYUSD on Aug. 11. <a href=\"https:\/\/cryptoslate.com\/companies\/huobi-global\/\">Huobi<\/a> announced support for the asset on<a href=\"https:\/\/cryptoslate.com\/huobi-announces-no-fee-trading-for-paypals-new-pyusd\/\"> Aug. 8<\/a>. The two largest crypto exchanges in operation \u2014 <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a> and <a href=\"https:\/\/cryptoslate.com\/companies\/coinbase\/\">Coinbase<\/a> \u2014 have not announced any such plans.<\/p>\n<p>Hardware manufacturer Ledger also <a href=\"https:\/\/cryptoslate.com\/ledger-partners-with-paypal-to-provide-crypto-access\/\">announced integration<\/a> with PayPal on Aug. 16, shortly after PYUSD's reveal. Though Ledger said this would provide access to PayPal's four supported cryptocurrencies, it did not state that it would provide access to PYUSD.<\/p>\n<p>According to on-chain data, $26.9 million worth of PYUSD has already been issued, indicating robust market activity around the new stablecoin. However, this is not reflected on major market aggregators, such as CoinMarketCap and Coingecko, which instead list PYUSD as untracked and previewed assets, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kraken announced on Aug. 18 that it had added support for PayPal&#8217;s stablecoin, also known as PayPal USD or PYUSD. The cryptocurrency exchange said that deposits and withdrawals of PYUSD are currently open and added that it will open trading on Aug. 21. Kraken said that PayPal&#8217;s stablecoin will initially be available on Kraken and [&hellip;]<\/p>\n","protected":false},"author":1403,"featured_media":351356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kraken introduces support for PayPal&#039;s stablecoin, PYUSD<\/title>\n<meta name=\"description\" content=\"Kraken announced on Aug. 18 that it has added support for PayPal&#039;s stablecoin, also known as PayPal USD or PYUSD.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/kraken-introduces-support-for-paypals-stablecoin-pyusd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kraken introduces support for PayPal&#039;s stablecoin, PYUSD\" \/>\n<meta property=\"og:description\" content=\"Kraken announced on Aug. 18 that it has added support for PayPal&#039;s stablecoin, also known as PayPal USD or PYUSD.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/kraken-introduces-support-for-paypals-stablecoin-pyusd\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-18T20:40:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-19T00:09:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/kraken-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"876\" \/>\n\t<meta property=\"og:image:height\" content=\"493\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Dalton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Dalton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/kraken-introduces-support-for-paypals-stablecoin-pyusd\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/kraken-introduces-support-for-paypals-stablecoin-pyusd\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person\",\"name\":\"Mike Dalton\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"caption\":\"Mike Dalton\"},\"jobTitle\":\"Former Journalist\",\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences. 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