Ex-Coinbase Execs Launch TrueX, Adopting PayPal’s PYUSD Over USDC
- Vishal Gupta and Patrick McCreary, former Coinbase employees, have launched TrueX, a stablecoin-focused exchange.
- TrueX has chosen PayPal’s PYUSD as its primary settlement currency, with Paxos Trust Company as the custodian.
- The exchange raised $9 million in seed funding, with support from Paxos, Hack VC, and RRE Ventures.
- TrueX will initially offer spot trading for major crypto assets, focusing on US institutional traders.
A standout insight is that despite Gupta’s role in launching USDC at Coinbase, TrueX has opted for PayPal’s PYUSD, indicating a strategic shift possibly due to PayPal’s growing influence and Paxos’s involvement as a custodian and investor.
Looking forward, TrueX’s adoption of PYUSD could significantly boost the stablecoin’s market presence, positioning it as a formidable competitor to USDC and USDT. The phased rollout and future support for other stablecoins highlight TrueX’s commitment to expanding its offerings and enhancing market liquidity.
