- Coinbase announces support for PayPal’s newly launched stablecoin, PYUSD, enhancing its crypto offerings.
- Trading for PYUSD on Coinbase is set to commence on August 31, 2023, subject to liquidity conditions.
- The PYUSD listing comes with an “experimental” label, indicating Coinbase’s cautious approach to new or low-volume assets.
Coinbase, one of the world’s leading cryptocurrency exchanges, has officially announced its support for PayPal’s newly minted stablecoin, PYUSD. The exchange took to Twitter to confirm that trading for this asset is scheduled to kick off on August 31, 2023, if liquidity conditions are favorable. This announcement comes on the heels of Coinbase’s initial indication last week that it was considering the listing of PYUSD.
The PYUSD stablecoin will initially be introduced on Coinbase with an “experimental” label. This designation is typically reserved for assets that are either new to the platform or have not yet achieved significant trading volume. It’s a cautious move that allows Coinbase to closely monitor the asset’s performance and market reception. Should PYUSD meet certain criteria, the “experimental” label could be removed, signaling the asset’s full integration into Coinbase’s trading portfolio.
This development is particularly noteworthy because PayPal launched its PYUSD stablecoin earlier this month in a strategic partnership with Paxos, a regulated financial institution that specializes in digital assets. The stablecoin has already garnered attention and listings from other major cryptocurrency exchanges, including Huobi, Kraken, and Crypto.com.
Coinbase’s decision to list PYUSD is seen as a significant endorsement for PayPal’s foray into the stablecoin market. It also aligns with Coinbase’s ongoing efforts to diversify its asset offerings and provide its user base with a broad range of trading options. The listing is expected to attract both retail and institutional investors, keen to explore stablecoin opportunities beyond the traditional options like USDC and Tether.
