Coinbase Launches Trading Support for PayPal Stablecoin PYUSD

By Daisy Hodley Sep 1, 202365Views

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Coinbase Adds Support for PayPal’s Stablecoin PYUSD

Coinbase customers can now buy and sell PayPal’s new US dollar-pegged stablecoin on the exchange’s website and mobile apps. Here are the key points:

– Coinbase officially rolled out trading support for PayPal USD (PYUSD), which aims to maintain a 1:1 peg with the US dollar.
– PayPal customers can buy and sell the stablecoin through the PayPal app and website and convert it to other crypto assets like Bitcoin.
– The blockchain-focused firm Paxos Trust Company performs the issuance and custody of the asset.
– Coinbase added support for PYUSD under its “Experimental Label” for riskier, lower liquidity tokens.
– Other major exchanges like Kraken, ByBit, Huobi, and Crypto.com have also listed the new stablecoin.

PYUSD, built on Ethereum, has maintained its peg and is currently trading at $1.00. Coinbase’s support for the stablecoin offers more options for crypto enthusiasts.

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Daisy Hodley

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