PayPal USD (PYUSD) Stablecoin Now Available in PDAX

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PayPal USD (PYUSD) Stablecoin Now Available in PDAX

PayPal USD or PYUSD is now available in one of the Philippines’ most popular exchanges, PDAX or Philippine Digital Asset Exchange, which could provide more favorable rates compared to the standard dollar rates on PayPal.

PDAX recently announced the listing of PayPal USD (PYUSD) on their platform; PYUSD is the stablecoin of the world-renowned payment giant PayPal, into its platform.

Lance Pormarejo, the Head of Consumer at PDAX, the local exchange, is one of the first to have listed PYUSD in the Philippines.

Lance Pormarejo said, “PYUSD challenges how money is sent cross-border. This cryptocurrency streamlines the process for Filipino freelancers and overseas Filipino workers (OFWs) to swiftly transfer their hard-earned income to their recipients’ PDAX digital wallets, all while enjoying reduced conversion costs and transaction fees,” Lance Pormarejo stated.

Image source: PDAX Announce PYUSD Availability on Platform

What is PayPal USD?

PayPal USD (PYUSD) is a stablecoin launched by the payment giant in August 2021 through a partnership between PayPal and the cryptocurrency firm Paxos.

The American multinational technology company PayPal has stated that U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents back PYUSD. Based on etherscan, PYUSD has a maximum total supply of 158 million tokens.

PayPal users can buy and sell 1PYUSD for 1 USD using their U.S. PayPal balance or a PayPal-linked debit card or bank account. PYUSD can be sent outside of PayPal to any Ethereum wallet address that supports PYUSD.

Sending PYUSD in the Philippines via PDAX

A straightforward way of sending PYUSD to the Philippines is using the local exchange.

  1. PayPal users can convert their dollars on their PayPal account to PYUSD.
  2. Users can then send the converted funds to a recipient’s PDAX wallet in the Philippines.

PDAX also announced through their official Twitter account the availability of PYUSD on their platform.

Available Tokens in PDAX

Aside from PYUSD being available on PDAX, the Philippine-based crypto exchange company also caters to other tokens available on PDAX.

Some of these tokens listed below are only available in PDAX Prime.

Here’s the List of Tokens Available on PDAX

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)Bitcoin Cash (BCH)
  • Tether (USDT)
  • USD Coin (USDC)
  • The Graph (GRT)
  • Chainlink (LINK)
  • Uniswap (UNI)
  • Compound (COMP)
  • Basic Attention Token (BAT)
  • Aave (AAVE)
  • Enjin Coin (ENJ)
  • PayPalUSD (PYUSD)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Solana (SOL)
  • Stellar (XLM)
  • Algorand (ALGO)
  • Avalanche (AVAX)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Shiba Inu (SHIB)
  • Sushi (SUSHI)
  • Binance Coin (BNB)
  • Tezos (XTZ)
  • Pax Gold (PAXG)
  • Wrapped Ethereum (WETH)
  • ApeCoin (APE)
  • Decentraland (MANA)
  • The Sandbox (SAND)
  • Gala (GALA)
  • Smooth Love Potion (SLP)
  • Axie Infinity Shards (AXS)
  • Green Satoshi Token (GST)

Disclaimer: PhilNews.xyz articles and their external content are not financial advice but are only used for educational purposes. Always Do Your Own Research (DYOR) first. The team serves to deliver unbiased news with less intrusive ads.

Ed Umbao

Founder of PhilNews.xyz | co-Founder of PhilNews.ph

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