Coinbase, one of the largest cryptocurrency exchanges in the world, has announced its plans to list PayPal’s stablecoin, PYUSD, on its platform. This is a significant development for the crypto industry, as it marks the second major U.S.-based exchange to support the digital asset in just a week.
PayPal’s PYSUD Continues to Bridge the Gap Between Traditional Finances and Crypto
PYUSD is a fiat-backed stablecoin that was launched by PayPal in early August, in partnership with Paxos Trust Company. The stablecoin aims to provide a bridge between the traditional financial system and the emerging digital economy, enabling users to seamlessly move funds across different platforms and services.
According to Coinbase’s official blog post, PYUSD will be available for trading on Coinbase Pro, its professional trading platform, starting from August 28, 2023. Users will be able to deposit and withdraw PYUSD from their Coinbase accounts, as well as trade it against other cryptocurrencies and fiat currencies.
Coinbase’s decision to list PYUSD follows a similar move by Kraken, another major U.S.-based exchange, which introduced PayPal USD trading options to its users last week. These announcements demonstrate the growing acceptance and adoption of the stablecoin among the crypto community, as well as the potential benefits it can offer to both individuals and businesses.
As of now, there are more than 40 million PYUSD tokens in circulation, with a total market capitalization of over $40 million. The stablecoin is backed by a reserve of U.S. dollars and short-term treasury bills, which are held by Paxos in regulated custodial accounts. The stablecoin also claims to comply with the highest standards of regulatory oversight and transparency.
By listing PYUSD, Coinbase, and Kraken are not only expanding their product offerings but also enhancing their competitive edge in the crypto market. With PayPal’s stablecoin, they can attract more users who are looking for a reliable and convenient way to access the crypto space, as well as offer more opportunities for innovation and integration with other platforms and services.
