The TrueX exchange has announced the launch of PayPal's PYUSD stablecoin as the default settlement currency. Founded by two former Coinbase executives and developed by its parent company True Markets, TrueX will launch trading capabilities within weeks, starting with spot trading of several mainstream cryptocurrencies. PYUSD is the fourth largest stablecoin in the world by market capitalization after USDT, USDC and DAI. TrueX is open to institutional investors only, and transactions are settled by the stablecoin issuer Paxos. In the future, the platform plans to add more stablecoin settlement options and trading services. True Markets previously completed a $9 million seed round of financing, including Paxos, Solana Foundation and Aptos.