New Crypto Exchange Taps PayPal’s Stablecoin for Settlements

A new digital asset exchange called TrueX is set to launch, backed by a team of former Coinbase executives and utilizing PayPal’s stablecoin for transactions.

TrueX, introduced on September 18, is branded as a “non-custodial, stablecoin-native exchange” and has raised $9 million in seed funding from prominent investors including Paxos, Solana Foundation, and Aptos.

The platform will use PayPal USD (PYUSD), issued by Paxos, as its primary settlement currency. PYUSD, a major stablecoin, maintains a market cap of over $730 million and is pegged one-to-one to the US dollar.

Vishal Gupta, formerly head of exchange at Coinbase and head of USD Coin (USDC) at Circle, co-founded TrueX with Patrick McCreary, a former senior staff engineer at Coinbase.

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Both executives previously held senior positions at Goldman Sachs. Gupta noted that TrueX aims to enhance exchange security and trust by leveraging stablecoins for better liquidity and settlement.

Initially, TrueX will cater to US-based institutions and select international clients.

In related news, Singapore’s DBS Bank plans to offer crypto options and structured notes to institutional investors starting in Q4 2024, expanding institutional access to Bitcoin and Ethereum.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.