TrueX, an exchange founded by Vishal Gupta and former Coinbase engineers, is officially launched, using PYUSD as the default settlement currency

According to Bloomberg, TrueX, an exchange founded by a former Coinbase engineer, has officially launched, ending more than a year of stealth. TrueX operates in a similar way to Coinbase, using PayPal's PYUSD as the default settlement currency.

TrueX aims to launch trading capabilities in the next two to four weeks and allow traders to transfer between different stablecoins (such as USDC) while minimizing slippage. Unlike Coinbase's USDC, TrueX's choice of PYUSD may be to open up a different path from Coinbase. Gupta said that TrueX will work with Paxos to provide qualified custody services, and plans to support more stablecoins and provide broader settlement and mortgage support in the future. In the early stages, TrueX will only open spot trading for a few head and core assets, and will be aimed at institutional traders. TrueX was launched by its parent company True Markets and received $9 million in seed funding from investors including RRE Ventures, Hack VC, Paxos, Solana Foundation and Aptos.