Former Coinbase Executives Launch New Exchange TrueX, Featuring PayPal-Backed Stablecoin PYUSD Trading Pairs
TrueX, a new exchange founded by former executives from well-known exchange Coinbase and stablecoin issuer Circle, Vishal Gupta, and former Coinbase engineer Patrick McCreary, made its debut recently. It is expected to launch in the United States but will only be available for institutional investors.
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TrueX Focuses on Integrating PayPal Stablecoin
Currently, TrueX primarily settles transactions using PayPal's stablecoin, PYUSD, with custody being handled by stablecoin issuer Paxos.
Founder Gupta stated that the trading feature will be launched in the next two to four weeks, starting with the spot market for cryptocurrencies. TrueX will further support various types of stablecoins for settlement and collateral, and assist users in resolving slippage issues when exchanging different stablecoins. In the future, liquidity programs will be implemented to encourage market makers and takers to participate together.
Future outlook? Stablecoin market cap hits a two-year high, with PYUSD market cap tripling in a single month!
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