Homegrown licensed cryptocurrency exchange Philippine Digital Asset Exchange (PDAX) recently announced the listing of PayPal USD (PYUSD), the stablecoin of the payments giant, into its platform.
According to Lance Pormarejo, Head of Consumer at PDAX, the local exchange is one of the first to have listed PYUSD.
“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, Head of Consumer, PDAX
Table of Contents
What is PayPal USD?
PayPal USD (PYUSD) is a stablecoin that was launched in August 2021 through a partnership between PayPal and the cryptocurrency firm Paxos. The firms have stated that PYUSD is backed by US dollar deposits, U.S. Treasuries, and similar cash equivalents. The current total supply of PYUSD is approximately 159 million tokens.
Users can buy and sell 1 PYUSD for 1 USD using their U.S. PayPal balance, or a PayPal-linked debit card or bank account. Additionally, PYUSD can be sent outside of PayPal to Ethereum wallet addresses that support PYUSD.
Read more articles about PayPal and PDAX:
How to Send PYUSD to the Philippines
According to PDAX, there is a straightforward way to send PYUSD to the Philippines using the local exchange.
- PayPal users in the U.S. can convert their dollars on their PayPal account to PYUSD.
- They can then send the funds to a recipient’s PDAX wallet in the Philippines.
PYUSD as an Alternative to Dollars in PayPal?
A screenshot shared with BitPinas suggests that transactions involving PYUSD on the PDAX platform may provide more favorable rates compared to the standard dollar rates on PayPal.
Available Tokens in PDAX
Here are some of the tokens available in PDAX. Note that some of these tokens are only available in PDAX Prime, its service for institutional and high volume clients. PDAX has 74 tokens available across its products.
- 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)
- STEPN (GMT)
Recent PDAX News
Last month, PDAX contributed to the convergence of cryptocurrency and traditional finance at the Trust Officers Association of the Philippines (TOAP) Summit by introducing digital assets and their significance in wealth management. They educated summit attendees about cryptocurrencies and tokenized real-world assets available in the Philippines. And as official digital souvenirs, attendees received Proof of Attendance (POA) non-fungible tokens (NFTs).
In response to Binance’s decision to discontinue support for BUSD from February 2024, PDAX has announced that it will delist the token and cease its availability on the platform following the suspension of BUSD issuance.
In April, PDAX and UnionBank formed a partnership to grant the bank’s B2B clients access to the exchange’s cryptocurrency services. This collaboration enriches the banking experience for UnionBank customers by extending their access to cryptocurrency services.
In May, the exchange initiated a four-phase system transition aimed at enhancing the trading experience for users. This transition streamlined the trading process, minimized maintenance downtime, and facilitated the integration of extra features for PDAX.
Recent PayPal News: PYUSD vs. US SEC
Recently, PayPal received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its USD stablecoin. The subpoena, received on November 1, 2023, requests document production; PayPal stated that it is cooperating with the SEC in response.
This article is published on BitPinas: Local Crypto Exchange PDAX Lists Paypal USD (PYUSD)
Photo by Muhammad Asyfaul on Unsplash
Read more articles about PayPal and PDAX:
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
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- Source: https://bitpinas.com/business/py-usd-paypal-usd-pdax/
