Coinbase, Leading US Crypto Exchange, Officially Introduces Trading Support for PYUSD, the New PayPal Stablecoin
Coinbase users can now easily purchase and trade PayPal's latest US dollar-pegged stablecoin directly through the exchange's website and mobile applications.
The premier US cryptocurrency exchange has officially launched trading support for PayPal USD (PYUSD) on Thursday, a stablecoin designed to maintain a 1:1 peg with the US dollar.
Coinbase had recently added PYUSD to its listing roadmap.
PayPal introduced PYUSD earlier this month, emphasizing its backing by secure and highly liquid assets. Users of the payment giant's platform can seamlessly purchase and trade this stablecoin through their app or website, with the option to convert it into other cryptocurrencies such as Bitcoin (BTC). Paxos Trust Company, a blockchain-focused firm, manages the issuance and custody of the asset as per PayPal's website.
Coinbase has included support for PYUSD under its "Experimental Label," a category created for tokens with higher risk and lower liquidity.
It's worth noting that Coinbase is not the first major exchange to list this new stablecoin; Kraken, ByBit, Huobi, and Crypto.com all introduced trading services for PYUSD earlier this month.
PYUSD, built on the Ethereum (ETH) blockchain, has largely maintained its peg to the US dollar since its launch. It briefly dipped to approximately $0.979 last Friday but is currently trading at an even $1.00.
Sep 02, 2023
