This new platform, called TrueX, is set to use PayPal’s stablecoin as its main form of settlement.
The new platform will work with Paxos, the company that issues the PYUSD stablecoin. PYUSD is one of the top cryptocurrencies with a market value of over $730 million, showing that it’s a significant player in the market. Let’s explore more about this new crypto exchange.
TrueX Promises Smooth, Secure Crypto Trading
TrueX was officially announced on September 18th. The platform is described as a “non-custodial, stablecoin-native exchange.” That means it’s designed to use stablecoins like PYUSD right from the start. This is without needing to hold users’ funds in traditional bank accounts.
On the other hand, TrueX has already raised $9 million in seed funding from big names in the crypto world. This includes Paxos, Solana Foundation, Aptos, RRE Ventures, Reciprocal Ventures, among others. With this backing, the team behind TrueX is ready to make waves in the crypto space. This is what one of its founders said about this new exchange:
We’ve been waiting weeks for this and I’m excited to announce my new venture!
TrueX (@truex_exchange), a non-custodial, stablecoin-native exchange representing the next evolution in crypto markets, today announced that we have officially launched out of stealth.
TrueX is the… https://t.co/llT1WPPfgm
— Vishal K. Gupta (@vishalkgupta) September 18, 2024
Why is this important? Using a stablecoin like PYUSD can help avoid the wild swings in value that other cryptocurrencies often experience. So, it’s like having a steady hand on the wheel in a stormy sea. For traders and investors, this means more predictable and safer transactions.
More About PYUSD
Over the past six months, the supply of PYUSD has surged dramatically, increasing from $208 million to over $1 billion at its peak. So, PYUSD’s launch on Solana in May has significantly boosted its availability, driving this impressive growth.
4/ @PayPal stablecoin, PYUSD, has more than quadrupled in supply over the last 6 months, from $208M to at one point crossing $1B.
This surge is largely due to its release on @solana in May, which now makes up 59% of PYUSD’s overall supply.
 pic.twitter.com/sRcttLsimm— Cuy Sheffield (@cuysheffield) September 16, 2024
As a result, Solana now accounts for 59% of PYUSD’s total supply. This highlights the platform’s pivotal role in the stablecoin’s rapid expansion.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
