TechFlow News — According to an official announcement, PayPal's U.S. dollar-pegged stablecoin PYUSD has launched on Kraken, and users can now begin deposits. PYUSD trading on Kraken will commence on August 21.
Users can deposit PYUSD via the funding page, but must use the Ethereum network; deposits made through other networks may be lost. PYUSD is backed by assets including U.S. dollars and U.S. Treasuries, aiming to maintain a 1:1 peg with the U.S. dollar.
Kraken stated that PYUSD enables transfers between PayPal and external wallets, peer-to-peer payments, and exchanges among PayPal-supported cryptocurrencies. Once liquidity conditions are met, users will also be able to trade PYUSD through the Kraken App and its "Buy with One Click" service.
