OKX Launches PayPal USD (PYUSD) for Spot Trading, Expanding User Options

OKX has just listed PayPal USD (PYUSD) on its spot trading market. This is exciting news for crypto enthusiasts!

Deposits for PYUSD are now open. You can start trading right away. Withdrawals will begin at 10:00 am UTC on October 4th. Plus, call auctions for PYUSD are happening today, leading up to the launch of PYUSD-USDT spot trading.

So, what are call auctions? They let users submit buy and sell orders at their preferred prices before a trading pair goes live. The system processes these orders based on specific rules and sets an opening price according to user submissions.

Now, let’s talk about PYUSD. This stablecoin is fully backed by US dollar deposits, US treasuries, and other cash equivalents. It maintains a one-to-one value with the US dollar, which means it’s stable and reliable. You can buy, sell, hold, and transfer PYUSD through PayPal’s platform. It’s issued by Paxos and operates on both the Ethereum and Solana blockchains.

OKX offers a wide range of trading options. You can engage in spot trading, simple options, and even more complex derivatives like margin trading and futures. The platform also has various financial products. These include trading bots, block trading, cryptocurrency loans, and its launchpad called Jumpstart. Don’t forget about OKX Earn, which features savings, stablecoins, and opportunities in decentralized finance (DeFi) like staking and ETH 2.0.

As of now, OKX ranks as the fourth-largest cryptocurrency exchange in the world by monthly trading volume. It follows Binance, Coinbase, and Bybit. According to CoinMarketCap, OKX has facilitated over $2 billion in trading volume in the past 24 hours. That’s impressive!

Recently, the exchange introduced spot trading for EigenLayer’s EIGEN and Pendle’s PENDLE tokens. They also rolled out USDT-margined perpetual futures for CATI and POL. With these updates, along with margin trading and Simple Earn features, OKX is expanding user options and enhancing the trading experience.

Overall, it’s an exciting time for traders on the OKX platform!