Coinbase Adds Support for PayPal Stablecoin PYUSD
Crypto exchange Coinbase has announced that it will be adding support for the newly launched PayPal stablecoin PYUSD. Trading will begin on or after 9AM PT on 31 August 2023, pending liquidity conditions. The exchange will launch PYUSD-USD trading pairs in phases once there is sufficient supply of the asset. However, support for PYUSD may be restricted in certain jurisdictions. Coinbase will initially label PYUSD as “experimental,” as it does with assets that are new to the platform or have low trading volume. The label may be removed if the asset no longer meets the criteria.
Key Points:
- Coinbase will support the newly launched PayPal stablecoin PYUSD.
- Trading will begin on or after 9AM PT on 31 August 2023, pending liquidity conditions.
- PYUSD-USD trading pairs will be launched in phases once there is sufficient supply of the asset.
- Support for PYUSD may be restricted in certain jurisdictions.
- Initially, PYUSD will be labeled as “experimental” and may have limited trading volume on the platform.
PayPal’s stablecoin PYUSD was launched earlier this month in partnership with Paxos. While several exchanges, including Huobi, Kraken, and Crypto.com, have already listed the stablecoin, its adoption has been slow. Nansen, a blockchain analytics firm, suggests that there may be a lack of demand from crypto users due to PayPal targeting a different demographic. It is unclear whether Binance will list PYUSD.
Hot Take:
The addition of support for PayPal’s stablecoin PYUSD on Coinbase is a significant move for the crypto industry. It demonstrates the growing acceptance and integration of stablecoins into mainstream platforms. However, the slow adoption of PYUSD suggests that there may be challenges in attracting crypto users due to competition from alternative stablecoins and a different target demographic. It will be interesting to see how the market evolves and whether other major exchanges like Binance will follow suit in listing PYUSD.
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