Coinbase, a leading cryptocurrency exchange, has announced its decision to integrate support for PayPal's recently launched stablecoin, PYUSD.
Coinbase Has Announced Its Decision To Integrate Support For The PYUSD
Coinbase, a leading cryptocurrency exchange, has announced its decision to integrate support for PayPal's recently launched stablecoin, PYUSD.
The addition of PYUSD to Coinbase's offerings aligns with the exchange's practice of labeling certain assets as "experimental." This designation is assigned to assets that are either new to the platform or exhibit lower trading volume compared to other cryptocurrencies on the exchange. Coinbase monitors these experimental assets and may remove the label when the asset no longer meets the specified criteria.
According to a tweet from Coinbase, trading of PYUSD will potentially commence on or after 9 AM PT on August 31, 2023, subject to meeting liquidity conditions. The exchange clarified that the launch of trading on PYUSD-USD trading pairs will occur in phases after sufficient supply is established. It also noted that support for PYUSD could be limited in some jurisdictions where Coinbase operates.
PayPal introduced its stablecoin PYUSD in collaboration with Paxos earlier this month. Despite being listed on several exchanges such as Huobi, Kraken, and Crypto.com, PYUSD's adoption appears to be gradual. Its current total supply amounts to approximately 44.5 million tokens.
Analysts have suggested that the relatively slow demand for PYUSD in the crypto space might be attributed to PayPal's focus on a different demographic. PayPal has positioned PYUSD as a means to facilitate easier payments and enable established brands to utilize digital currencies.
Meanwhile, Binance, the leading cryptocurrency exchange, has phased out the usage of Binance USD (BUSD) after Paxos stopped issuance.
