00Kraken announced additional support for PayPal's stablecoin, also known as PayPal USD or PYUSD on August 18.
The exchange said PYUSD deposits and withdrawals are currently open and trading will be open on August 21.
Kraken says that PayPal's stablecoin will initially be available on Kraken and Kraken Pro. The exchange will add support for PYUSD on Kraken App and Instant Buy features after users' transactions generate sufficient Liquidation for the asset.
Kraken's announcement also states that the PYUSD order and deposit size must be at least $5, and that orders can be up to 4 decimal points accurate. The exchange will offer US dollar (USD) and euro (EUR) trading pairs. Kraken also instructs users to only deposit PayPal stablecoins on the Ethereum blockchain.
PayPal unveiled its stablecoin on Aug. 7. According to the giant, PYUSD will serve as a fully backed dollar-pegged asset. However, in addition to its own app, PayPal has provided some insight into the platforms on which PYUSD can be purchased.
Although Kraken was one of the first crypto exchanges to support PYUSD, several others have followed suit, demonstrating broader market acceptance of stablecoins.
ByBit also announced plans to support PYUSD on August 17, while Changelly announced support for PYUSD on August 11. Huobi announced support for the asset on August 8. Ledger also announced integration with PayPal on August 16, shortly after PYUSD was launched.
However, the two largest cryptocurrency exchanges – Binance and Coinbase – have not announced any such plans.
According to onchain data, $26.9 million worth of PYUSD has been released, indicating strong market activity around the new stablecoin.
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