In a bold move reshaping the crypto trading landscape, TrueX, a new exchange emerging from stealth mode, has selected PayPal’s PYUSD stablecoin as its default settlement currency. Announced on Wednesday, this latest venture from former Coinbase executives Vishal Gupta and Patrick McCreary aims to set a new standard in cryptocurrency trading.
TrueX, which operates under its parent company True Markets, is set to debut its trading functionalities in the coming weeks. Initially focusing on spot market trading for major cryptocurrencies, the platform will leverage PYUSD, the fourth-largest stablecoin by market capitalization, to settle transactions. PYUSD, following behind Tether’s USDT, Circle’s USDC, and MakerDAO’s DAI, positions itself as a robust alternative in the stablecoin arena.
The choice of PYUSD as the default settlement currency underscores TrueX’s commitment to integrating established and trusted digital assets into its trading operations. Over time, the platform plans to expand its stablecoin settlement options and introduce additional trading services, offering a broader range of financial tools to its users.
While TrueX is gearing up to serve institutional investors in the U.S., it is making a strategic decision to outsource its custodial needs to Paxos, the issuer of PYUSD. This move distinguishes TrueX from other major exchanges like Coinbase and Kraken, which have faced scrutiny from the U.S. Securities and Exchange Commission for allegedly operating as unregistered brokers and custodians.
Also Read: PayPal’s Stablecoin PYUSD Finds New Life on Solana, Surpasses $1 Billion Market Cap
True Markets has successfully raised $9 million in a seed round, with contributions from notable investors including RRE Ventures, Reciprocal Ventures, Hack VC, as well as Paxos, Solana Foundation, and Aptos. This financial backing highlights the strong investor confidence in TrueX’s potential to revolutionize the trading sector.
As TrueX prepares for its official launch, the crypto community is abuzz with anticipation. The platform’s innovative approach, combined with its strategic use of PYUSD, is poised to make significant waves in the world of cryptocurrency trading.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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