Coinbase plans to list PYUSD, a stablecoin from PayPal, following the trend of other crypto exchanges. The trading of PYUSD is scheduled to start on August 31.
Coinbase, a prominent cryptocurrency exchange, is adding support for the newly launched stablecoin PYUSD by PayPal. The exchange announced that trading for PYUSD will commence on or after August 31, 2023, as long as there’s enough liquidity to meet the conditions. The launch of trading pairs between PYUSD and USD will happen in phases once an adequate supply of the asset is established. However, support for PYUSD may have limitations in specific supported regions.
Coinbase had hinted at listing PYUSD last week, and now it confirms the addition with an “experimental” label. This label is applied to assets that are new to the platform or have relatively low trading volume compared to the broader crypto market. Coinbase monitors these assets and may remove the label when they meet certain criteria.
PayPal introduced its stablecoin PYUSD earlier this month in collaboration with Paxos. Despite being listed on several exchanges like Huobi, Kraken, and Crypto.com, its adoption seems to be gradual. The total supply of PYUSD is currently around 43 million tokens.
According to Nansen, a lack of demand from crypto users might stem from other alternatives being available. PayPal aims to make payments easier and facilitate the use of digital money for major brands.
It remains uncertain whether Binance, a major player in the crypto exchange realm, will also list PYUSD.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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