Coinbase to List PayPal’s Stablecoin PYUSD
Coinbase has announced its intention to list PayPal’s stablecoin, PYUSD, following Kraken’s recent addition of PYUSD trading options. This move signals a convergence of traditional finance and the crypto economy, marking a significant stride in the stablecoin’s mainstream adoption.
Key Points:
- Coinbase confirms the addition of PayPal USD (PYUSD) to its roadmap.
- PYUSD is an ERC-20 token built on the Ethereum network.
- Coinbase cautions against depositing PYUSD before an official announcement to avoid permanent loss of funds.
- PYUSD is fully backed by US dollar deposits and short-term US treasuries.
- The stablecoin aims to provide a secure and stable medium for transactions in the web3 environment.
Coinbase and PayPal Joining Forces
PYUSD, launched by PayPal in collaboration with Paxos Trust Company, offers a 1:1 redeemability for US dollars and will soon release a public monthly reserve report audited by a third-party accounting firm. Coinbase’s announcement comes shortly after enabling users in Germany and the UK to link their PayPal accounts for seamless crypto transactions.
Key Points:
- PYUSD has seen a slow start with 40.8 million minted and a 24-hour trading volume of $2.3 million.
- Paxos and Paxos Treasury dominate 91.4% of the total stablecoin supply.
- Coinbase’s endorsement bridges the gap between traditional financial systems and the digital asset landscape.
- PYUSD’s stability and trust could drive its adoption across various financial ecosystems.
- The listing of PYUSD on Coinbase could challenge Tether (USDT) and set a new standard for stablecoin utility and acceptance globally.
Hot Take:
The listing of PayPal’s stablecoin PYUSD on Coinbase signifies a significant step in the convergence of traditional finance and the crypto economy. With its underlying assets backed by US dollars and short-term US treasuries, PYUSD offers stability and trust that could catalyze its adoption in various financial ecosystems. This move has the potential to challenge Tether’s dominance and establish a new standard for stablecoin utility and acceptance worldwide.
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