Coinbase Adds PYUSD Stablecoin
Coinbase, the prominent cryptocurrency exchange headquartered in San Francisco, has incorporated Paypal’s dollar-tied token, PYUSD, into its offerings. The firm broke the news on Wednesday, mentioning that trading would commence at 9 a.m. PT on Thursday, provided “liquidity conditions were met.”
Key Points:
- Coinbase has added Paypal’s PYUSD stablecoin to its platform
- Trading of PYUSD-USD pairs will launch in phases
- Support for PYUSD may be restricted in some jurisdictions
- PYUSD operates on the Ethereum network as an ERC20 token
- Users are cautioned against transferring PYUSD through alternate networks to avoid potential losses
Despite the recent addition to Coinbase, PYUSD’s activity remains limited with only 1,587 transfers and 388 holders. Other digital currency platforms such as Crypto.com, Uniswap, Gate.io, Bitmart, and Bybit also support the token. As of August 31, a labeled Coinbase wallet holds around 1,005,467 PYUSD, accounting for approximately 2.3221% of the total supply of Paypal’s stablecoin token.
Hot Take:
The addition of PYUSD to Coinbase’s platform shows the growing acceptance and integration of stablecoins in the cryptocurrency market. While PYUSD’s activity may be limited at the moment, its inclusion on Coinbase will likely increase its usage and adoption. As more users become familiar with stablecoins and their benefits, we can expect to see further growth in the stablecoin market.
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