TrueX Launches Stablecoin-Native Exchange, Featuring PayPal USD as Default Settlement Currency

TrueX, a new stablecoin-focused cryptocurrency exchange, has officially launched out of stealth mode, marking a significant development in the evolving landscape of digital asset trading. Founded by former Coinbase executives Vishal Gupta and Patrick McCreary, TrueX aims to revolutionize crypto markets with its non-custodial, stablecoin-native platform, featuring PayPal USD (PYUSD) as the default settlement currency.

The exchange, which is the flagship product of True Markets, has secured $9 million in seed funding from a roster of prominent investors, including Solana Foundation, Aptos, Paxos, RRE Ventures, Reciprocal Ventures, Accomplice Blockchain, and Hack VC. This substantial backing underscores the industry’s confidence in TrueX’s innovative approach to cryptocurrency trading.

Stablecoin-Centric Approach with PayPal USD

At the core of TrueX’s offering is its focus on stablecoins, with PayPal’s PYUSD serving as the preferred stablecoin for settlements. The platform leverages Paxos for its infrastructure, the same firm that previously issued Binance USD (BUSD) and now oversees PYUSD. This strategic partnership aims to provide users with a secure and efficient trading experience.

Vishal Gupta, Co-Founder and CEO of TrueX, brings a wealth of experience to the venture, having previously served as Head of Exchange at Coinbase and played a key role in developing USDC at Circle. “Clients now demand the security of true segregation of execution and custody,” Gupta stated. “Our team has worked diligently to meet these needs, leveraging the power of stablecoins to facilitate efficient liquidity and settlement solutions.”

Innovative Features and Non-Custodial Model

TrueX’s platform boasts several innovative features, including a proprietary matching engine, segregated execution and custody for enhanced security, and seamless stablecoin settlement. The exchange’s non-custodial model sets it apart from many existing platforms, potentially offering traders greater control over their assets.

To celebrate its launch, TrueX is introducing a Liquidity Program for institutional clients, offering discounted fees and other incentives. The program includes an equity competition, with up to $1 million in company equity available to top volume traders.

Industry Optimism and Future Outlook

Craig Burel, General Partner at Reciprocal Ventures, expressed optimism about TrueX’s potential impact on the crypto market: “TrueX’s non-custodial platform and ultra-low-latency matching engine represent a critical improvement that will drive crypto capital markets forward.”

As the cryptocurrency industry continues to mature, TrueX’s launch represents a significant step towards more sophisticated, secure, and efficient trading infrastructure. With its focus on stablecoins and non-custodial model, TrueX is positioning itself at the forefront of the next evolution in crypto markets.

Launch Timeline

The exchange is expected to launch its trading functionality in the coming weeks, with Gupta indicating a timeline of two to four weeks in a statement to Fortune. As TrueX enters the competitive landscape of cryptocurrency exchanges, industry observers will be watching closely to see how its innovative approach resonates with traders and impacts the broader market.