Former Coinbase Executives Launch Stablecoin Exchange and PayPal USD Settlement Network

TrueX, founded by a former Coinbase exec, has launched True Market, a stablecoin-native and non-custodial crypto trading platform. The company has also completed a $9 million seed funding from investors including Solana Foundation, Aptos, Paxos, and others. The platform features PayPal’s PYUSD as the preferred stablecoin for settlements.

Founded by former Coinbase, Circle, and Goldman Sachs executives Vishal Gupta and Patrick McCreary, TrueX represents the flagship product of True Markets, a non-custodial platform offering innovative liquidity solutions.

TrueX uses Paxos for its infrastructure—the same firm that previously issued Binance USD (BUSD) and now oversees PYUSD.

Paxos halted minting BUSD early last year at the New York Department of Financial Services’s direction, ending its official relationship with Binance. At the time, Paxos indicated it was prepared to contest any charges brought by the SEC regarding its stablecoin business.

TrueX’s $9 million funding round includes prominent investors such as Solana Foundation, the organization behind the Solana Network; Layer-1 network Aptos; venture capital firms RRE Ventures, Reciprocal Ventures, and Hack VC; and Paxos.

“Clients now demand the security of true segregation of execution and custody. Our team has worked diligently to meet these needs, leveraging the power of stablecoins to facilitate efficient liquidity and settlement solutions,” Vishal Gupta, Co-Founder and CEO of TrueX, said in a press release. “With the support of our talented team and committed investors, we are proud to unveil a next-generation platform that redefines trader expectations.”

Gupta, previously Head of Exchange at Coinbase and a key figure in the development of USDC at Circle, brings extensive experience in crypto market infrastructure to TrueX. His co-founder, Patrick McCreary, is also a former Coinbase engineer who helped build the Coinbase International Exchange.

Craig Burel, General Partner at Reciprocal Ventures, expressed confidence in TrueX’s unique value proposition: “TrueX’s non-custodial platform and ultra-low-latency matching engine represent a critical improvement that will drive crypto capital markets forward,” he said. “Under the visionary leadership of Vishal and Patrick, TrueX is poised to become a force in crypto markets and trading.”

To celebrate its launch, TrueX is introducing a Liquidity Program for institutional clients, offering discounted fees and incentives. Traders will also have the opportunity to participate in an equity competition, with up to $1 million in company equity available to top volume traders.

Edited by Stacy Elliott.