Although new stablecoins are launched regularly by crypto-native companies, it was a unique event when one of the biggest payment firms, PayPal, announced its stablecoin, PYUSD, to facilitate quick funds transfers. Initially, PYUSD was only available on the HTX crypto exchange. But today, it has been listed on several trading platforms, making it easily accessible. This guide will take a look at some of the leading platforms for buying PYUSD.
Exploring PYUSD
Launched in August 2023, PYUSD lives on Ethereum. The stablecoin seeks to bridge digital and fiat currencies by integrating crypto as a tool for making daily transactions. This makes sense as PYUSD comes with several use cases like payments and transfers, thus blurring the line between fiat and crypto.
The PayPal stablecoin is fiat-backed, with its reserves comprising dollar deposits and US Treasury bonds. In regards to issuance, popular stablecoin issuer Paxos issues PYUSD.
The intended price for this stablecoin is $1. However, once in a while, traders may notice PYUSD trading at a different price, although not too far from $1.
Where Can You Buy PYUSD?
Coinbase
Why Coinbase?
This crypto exchange is regulated by top-tier regulators, making it trustworthy. Coinbase accounts for roughly 5% of PYUSD’s daily trading volume. Moreover, it boasts high liquidity, allowing traders to execute transactions fast. Note that after buying PYUSD, you can move it to Coinbase Wallet, which gives you total control over the stablecoin.
How to Purchase PYUSD on Coinbase
To purchase PayPal’s stablecoin on Coinbase, you have to complete the KYC process first. After verifying your identity, you can purchase PUSD through PayPay, bank transfers, and credit/debit cards.
Fees involved: If you use your debit/credit card to buy PYUSD, you will incur a flat fee of 3.5%. As for PayPal and bank transfers, you will be charged 1.5%.
Kraken
Why Kraken?
If you wish to trade PYUSD on a secure crypto exchange, then you should try out Kraken. Moreover, this platform’s customer service is exceptional, so you are assured that you will get help whenever you need it. But is Kraken regulated? Yes! The crypto exchange has secured a number of licenses from United States regulators.
How to Purchase PYUSD on Kraken
You can buy PYUSD on Kraken using EUR or USD. To do this, open and verify a trading account, then use your debit/credit or make bank transfers to buy the PayPal stablecoin.
Fees involved: When buying PYUSD using a debit/credit card, Kraken will charge you 3.7%. If you are holding fiat in your account and want to convert it to PYUSD, expect to incur a conversion fee of 0.2%.
KuCoin
Why KuCoin
Besides PYUSD, you can trade several digital currencies on KuCoin. Moreover, the high liquidity available on this exchange allows transactions to be completed quickly.
How to Purchase PYUSD on KuCoin
You can only buy PYUSD using USDT on KuCoin. If you do not have USDT in your account, you can transfer it from an external source or buy it using a credit card, bank transfers, and PayPal. Once you have your USDT, go to the spot market and convert it to PYUSD.
Fees involved: You don’t incur charges when buying USDT with a Mastercard/Visa-issued credit card. However, a 0.5% fee applies for bank transfers. To trade USDT for PYUSD, you will be charged a fee of 0.1%.
Crypto.com
Why Crypto.com?
Being a partner of both PayPal and Paxos, Crypto.com establishes itself as a reliable platform for buying PYUSD. This crypto exchange has its own visa-issued card, allowing users to spend their PYUSD tokens.
How to Purchase PYUSD on Crypto.com
After verifying your account, you can fund it with USD or USDT. To buy any of these two currencies, use debit/credit cards. Moreover, you can deposit USDT from an external source. Depending on the currency you hold in your account, search for PYUSD/USD or PYUSD/USDT trading pairs to buy the PayPal stablecoin.
Fees involved: Crypto.com charges a 0.75% trading fee. Note that USD deposits do not attract any cost.
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