• Coinbase, a leading US-based crypto exchange, has added PayPal’s dollar-backed stablecoin PYUSD to its listing roadmap.
• The stablecoin is designed to maintain a 1:1 peg with the US dollar and is built on Ethereum (ETH).
• Customers of PayPal can buy and sell PYUSD through the PayPal app and website and convert it to other crypto assets.
Coinbase Adds PayPal’s Dollar-Backed Stablecoin PYUSD
Coinbase, one of the top US-based crypto exchanges, has added PayPal’s new dollar-backed stablecoin PYUSD to its listing roadmap. This means that Coinbase users could soon have access to trade the digital asset.
Overview of PYUSD
PayPal USD (PYUSD) is designed to maintain a 1:1 peg with the US dollar and is built on Ethereum ( ETH ). It is backed by secure and highly liquid assets. Customers of PayPal can buy and sell PYUSD through the app or website and convert it into other crypto assets such as Bitcoin ( BTC ). Paxos Trust Company has been given responsibility for issuing and custody of the stablecoin, according to information on PayPal’s website.
Coinbase Listed PYUSD on Roadmap
Coinbase announced their addition of PYUSD onto their listing roadmap this Thursday in order to increase transparency when trading support announcements are made. Their CEO Brian Armstrong wants Coinbase users to be able to access as many crypto assets as possible as long as they meet company standards.
Price Action & Stability
PYSUD has mostly maintained its peg since launching but did briefly drop down to $0.979 at one point on Friday. Moving forward, customers must keep an eye out for any price shifts which may occur in response to market activity or news events involving cryptocurrency.
The addition of Paypal’s stablecoin onto Coinbase’s listing roadmap will provide additional options for customers who want direct access to cryptocurrencies without having to go through third parties such as banks or brokers. This move also indicates that Coinbase will continue expanding its offerings in order provide more options for customers looking for ways invest or trade in cryptocurrency safely and securely.