Coinbase, a renowned US cryptocurrency exchange, has added trading functionality for PayPal’s freshly launched US dollar-pegged stablecoin, PYUSD. Coinbase customers can purchase and sell PYUSD using the exchange’s website and mobile applications.
PayPal USD (PYUSD), a stablecoin, is designed to maintain a 1:1 peg with the US dollar, giving consumers a secure and stable digital equivalent of traditional money. Coinbase announced its plan to list PYUSD on its platform after PayPal released the stablecoin earlier this month.
PayPal’s PYUSD allows clients to buy and sell stablecoin through the PayPal app and website and convert it into other cryptocurrencies, such as Bitcoin (BTC). According to PayPal’s website, the stablecoin’s issuance and custody are overseen by Paxos Trust Company, a blockchain-focused business.
Coinbase has added PYUSD support to its “Experimental Label,” created by exchanging tokens with higher risk and lower liquidity. Although Coinbase now supports PYUSD trading, it’s worth mentioning that several other prominent businesses, including Kraken, ByBit, Huobi, and Crypto.com, launched trading services for the stablecoin earlier this month.
PYUSD, based on the Ethereum (ETH) blockchain, has largely maintained its 1:1 peg to the US dollar since its inception. However, shortly after its inception, there was a slight drop to roughly $0.979. PYUSD is currently trading around $1.00 at the time of writing.
Adding PYUSD to Coinbase’s platform adds another level of ease for those seeking a reliable and easily transferable digital asset. Collaborations between traditional financial companies like PayPal and renowned exchanges like Coinbase underscore the rising junction between conventional finance and the blockchain world as the crypto industry evolves.
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