Coinbase Incorporates PayPal’s New Stablecoin into Listing Roadmap.
Coinbase, the prominent cryptocurrency exchange, has integrated PayPal’s recently introduced stablecoin into its planned list of offerings. This development opens the door for users of the exchange to potentially engage in trading activities involving this digital asset.
Named PayPal USD (PYUSD), the stablecoin is designed to maintain a fixed 1:1 ratio with the US dollar and is constructed on the Ethereum (ETH) blockchain.
PayPal introduced this asset earlier in the current month and emphasized that it is supported by secure and highly liquid assets, fostering confidence in its stability.
Customers of the major payment platform can readily purchase and sell PYUSD through the PayPal app and website. Additionally, they have the option to convert it into other cryptocurrencies like Bitcoin (BTC). Notably, Paxos Trust Company, a company focused on blockchain services, is responsible for both issuing and safeguarding the stablecoin, as indicated on PayPal’s official website.
Since its launch, PYUSD has largely maintained its peg to the US dollar, although it experienced a brief dip to a low of $0.979 on a Friday.
Coinbase unveiled its decision to incorporate PYUSD into its listing roadmap on a Thursday. This roadmap was introduced the previous year to enhance transparency and mitigate the potential for front-running in relation to announcements about new trading support.
Brian Armstrong, the CEO of Coinbase, has expressed the exchange’s aspiration to include a wide array of cryptocurrency assets in its offerings, provided they adhere to the company’s established standards. In his analogy, he likened this approach to platforms like Amazon, where products receive ratings reflecting their quality. Armstrong indicated that consistent low ratings might lead to the removal of a product, while the market’s judgment generally determines the fate of other items.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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