The popularity of the cryptocurrency created by PayPal is growing

The US-based cryptocurrency exchange Kraken has announced the listing of the PayPal USD (PYUSD) stablecoin. Trading in the new digital asset in the PYUSD/USD and PYUSD/EUR pairs will be opened on Monday, August 21. Currently, Kraken clients have access only to deposit and withdraw funds in PYUSD. At the initial stage, the new stablecoins will be traded on the Kraken and Kraken Pro platforms, but after a sufficient number of buyers and sellers appear on the market, PYUSD support will be added to the crypto exchange’s mobile application. An instant purchase function will also be available.

The first platform to support PayPal’s stablecoin was Huobi, which announced its intention to list PYUSD on August 8, the day after the announcement of the stablecoin launch. Huobi presented the PYUSD/USDT trading pair with permanent zero trading fees, noting that trading would begin when the market turnover was established and the asset was sufficiently liquid. Later, on August 17, Huobi was joined by Bybit, which left PYUSD and opened deposits in the new stablecoin for users. It is not specified when trading and the withdrawal function will be opened, but it is likely that the South Korean crypto exchange will also wait until the stablecoin becomes sufficiently liquid.

The cryptocurrency community reacted to the launch of PYUSD in a very mixed way. On the one hand, the entry of such a large company as PayPal into the stablecoin market should help to promote wider acceptance of digital assets and spark interest in the industry. On the other hand, such a big event cannot pass by the regulators, who will have to speed up their work on creating legislation for stablecoins, which could backfire on the market. Earlier, PayPal already had to postpone the issue of its digital asset due to regulatory pressure on Paxos, which is the issuer of PYUSD.