Coinbase set to list PayPal stablecoin PYUSD

Quick Take

  • Coinbase is set to join other crypto exchanges that have recently listed PYUSD.
  • The U.S.-based exchange will begin PYUSD trading on Aug. 31 — if liquidity conditions are met.

Crypto exchange Coinbase is adding support for newly launched PayPal stablecoin PYUSD.

"Trading will begin on or after 9AM PT on 31 August 2023, if liquidity conditions are met," Coinbase tweeted Wednesday. "Once sufficient supply of this asset is established trading on our PYUSD-USD trading pairs will launch in phases. Support for PYUSD may be restricted in some supported jurisdictions," it added.

Coinbase first indicated the listing of PYUSD last week. Now, with the confirmation, the exchange will add support for PYUSD with the "experimental" label — applied to certain assets that are either new to its platform or have relatively low trading volume compared to its broader crypto marketplace. Coinbase monitors experimental assets and may remove the label when an asset no longer meets the criteria.

PayPal's stablecoin was launched earlier this month in partnership with Paxos. Several exchanges have already listed the stablecoin, including Huobi, Kraken and Crypto.com, but its adoption appears to be slow. The current total supply of PYUSD stands at around 43 million tokens. "On the surface there's a lack of demand from crypto users for PYUSD when other alternatives exist," Nansen said in a report last week, suggesting this could be occurring because the payments giant is targeting a different demographic.

PayPal has said PYUSD is designed to make payments easier and let big brands use digital money more.

It remains to be seen whether crypto exchange giant Binance will list PYUSD.


© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

Editor

To contact the editor of this story:
Adam James at
[email protected]

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on