Coinbase to Start Trading PayPal’s Stablecoin PYUSD on August 31st
Coinbase has announced that it will begin trading PayPal’s newly launched stablecoin, PYUSD, on August 31st, subject to liquidity conditions. The trading will be rolled out in phases for the PYUSD-USD pairs, with restrictions possibly applying in some jurisdictions. This confirmation follows Coinbase’s previous hint at adding PYUSD to its platform, and it will be supported under an “experimental” label. The exchange uses this label for assets that are new to the platform or have lower trading volumes. PayPal’s stablecoin, launched in partnership with Paxos, has already been listed on exchanges like Huobi, Kraken, and Crypto.com. However, the adoption of PYUSD has been slower than expected, potentially due to PayPal targeting a specific demographic for its stablecoin.
The key points of the content are:
– Coinbase will start trading PayPal’s stablecoin PYUSD on August 31st, subject to liquidity conditions.
– Trading will be rolled out in phases for the PYUSD-USD pairs.
– Some jurisdictions may have restrictions on support for PYUSD.
– PYUSD will be supported on Coinbase under an “experimental” label.
– PayPal’s stablecoin has been listed on several exchanges, but adoption has been slower than anticipated.
Hot Take
Coinbase’s decision to support PayPal’s stablecoin PYUSD shows the growing interest in stablecoins within the crypto market. However, the slower adoption of PYUSD suggests that PayPal may need to reassess its target audience and marketing strategies to attract more users. As the crypto industry continues to evolve, it will be interesting to see how stablecoins like PYUSD fare in terms of adoption and usage.