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Coinbase, a prominent cryptocurrency exchange in the US, has introduced trading capabilities for PayPal’s newly launched US dollar-pegged stablecoin, PYUSD. Users of Coinbase can buy and sell PYUSD through the exchange’s website and mobile applications.
PayPal USD (PYUSD) is a stablecoin intended to maintain a 1:1 peg with the US dollar, providing users with a secure and stable digital representation of conventional currency. Coinbase revealed its intention to list PYUSD on its platform following the stablecoin’s release by PayPal earlier this month.
PayPal’s PYUSD enables users to trade the stablecoin via the PayPal app and website, as well as convert it into other cryptocurrencies, including Bitcoin (BTC). As stated on PayPal’s website, the issuance and custody of the stablecoin are managed by Paxos Trust Company, a firm focused on blockchain technology.
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Coinbase has incorporated PYUSD into its “Experimental Label,” which is designated for tokens that carry higher risk and lower liquidity. While Coinbase has begun supporting PYUSD trading, it is important to note that several other major platforms, such as Kraken, ByBit, Huobi, and Crypto.com, initiated trading services for the stablecoin earlier this month.
PYUSD, which operates on the Ethereum (ETH) blockchain, has generally upheld its 1:1 peg to the US dollar since its launch. However, shortly after its introduction, there was a minor decline to approximately $0.979. As of the time of writing, PYUSD is trading around $1.00.
The inclusion of PYUSD on Coinbase’s platform enhances accessibility for those looking for a dependable and easily transferable digital asset. Partnerships between traditional financial institutions like PayPal and established exchanges such as Coinbase highlight the growing intersection of conventional finance and the blockchain sector as the cryptocurrency industry progresses.
The post Coinbase Adds Trading Support for PayPal’s USD-Pegged Stablecoin, PYUSD appeared first on BitcoinWorld.
