PDAX Switches Support to PYUSD on Solana

Virtual asset service provider (VASP) Philippine Digital Asset Exchange announced that it will switch support for $PYUSD from the Ethereum Network to Solana

Virtual asset service provider (VASP) Philippine Digital Asset Exchange (PDAX) announced that it will switch support for $PYUSD from the Ethereum Network to Solana on July 8, 2024.

The announcement comes through an email sent to PDAX users.

This move is part of PDAX’s efforts to provide its users with a better trading experience. According to PDAX, the switch to Solana will offer $PYUSD traders lower fees and faster transactions.

This is significant because $PYUSD, a stablecoin pegged to the US dollar and issued by PayPal, is now supported by PDAX. The stablecoin was made available on the platform in December 2023.

This article provides a quick guide on how to identify the different $PYUSD token networks and tips on how to avoid losses when trading or transferring PYUSD tokens.

What’s the Significance: The switch from Ethereum to Solana could offer $PYUSD traders on PDAX lower fees and faster transactions.

Driving the news:

PDAX announced that it will switch support for $PYUSD from the Ethereum Network to Solana on July 8, 2024.

This move is part of PDAX’s efforts to provide its users with a better trading experience.

According to PDAX, the switch to Solana will offer $PYUSD traders lower fees and faster transactions.

Key Quote:

“For users with PYUSD on the Ethereum network tokens on PDAX, don’t worry, your assets aren’t going anywhere. Users with PYUSD on the Ethereum network can still do regular trading activities with the respective token network before July 8, 2024 8:00 AM.”

What’s next: After the switch, the wallet address for depositing $PYUSD from other wallets to PDAX will change and the fees are expected to decrease.

What is $PYUSD?

$PYUSD is a stablecoin pegged to the US dollar and issued by PayPal. The stablecoin was made available on PDAX in December 2023.

This article provides a quick guide on how to identify the different $PYUSD token networks and tips on how to avoid losses when trading or transferring PYUSD tokens.

Worth reading: PY USD – PayPal USD Stablecoin Now Available in PDAX

This article is published on BitPinas: PDAX Switches Support to PYUSD on Solana

What else is happening: Philippine Digital Asset Exchange (PDAX) announced that it will switch support for $PYUSD from the Ethereum Network to Solana on July 8, 2024.

This move is part of PDAX’s efforts to provide its users with a better trading experience.

According to PDAX, the switch to Solana will offer $PYUSD traders on PDAX lower fees and faster transactions.

This is significant because $PYUSD, a stablecoin pegged to the US dollar and issued by PayPal, is now supported by PDAX. The stablecoin was made available on the platform in December 2023.

This article provides a quick guide on how to identify the different $PYUSD token networks and tips on how to avoid losses when trading or transferring PYUSD tokens.output