Leading US Crypto Exchange Coinbase Officially Launches Trading Support for the New PYUSD Stablecoin from PayPal
Coinbase customers are now afforded the opportunity to engage in the purchase and sale of PayPal’s recently introduced US dollar-pegged stablecoin on both the exchange’s website and mobile applications.
The preeminent US cryptocurrency exchange formally introduced trading support for PayPal USD (PYUSD) on Thursday, a stablecoin designed to maintain a steadfast 1:1 parity with the US dollar.
Coinbase had initially included this asset in its listing roadmap last week.
PYUSD was introduced by PayPal earlier this month, with an assertion that it is “backed by secure and highly liquid assets.”
Customers of the payment giant can execute transactions involving the stablecoin through the PayPal application and website, and they have the option to convert it into other cryptocurrency assets such as Bitcoin (BTC). The issuance and custody of the asset are overseen by the blockchain-focused firm Paxos Trust Company, as outlined on PayPal’s website.
Coinbase has extended support for PYUSD under its “Experimental Label,” a classification established by the exchange for tokens associated with higher risk and lower liquidity.
It is worth noting that Coinbase is not the inaugural major exchange to include this novel stablecoin in its offerings; earlier this month, Kraken, ByBit, Huobi, and Crypto.com all launched trading services for this asset.
PYUSD, which operates on the Ethereum (ETH) blockchain, has generally maintained its peg since its inception, albeit with a brief dip to approximately $0.979 noted at one point last Friday. Presently, it is trading precisely at $1.00 as of the time of writing.
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.