Coinbase to list PayPal’s PYUSD stablecoin

2023-9-1 22:55

Coinbase announced on Aug. 30 that it will soon add support for PayPal’s stablecoin, PYUSD, on the Ethereum network as an ERC-20 token.

Coinbase company further announced that trading would begin on or after 9:00 AM PST on Aug. 31, assuming liquidity conditions are met. Though the asset will be available on Coinbase’s primary exchange, the company’s pages state that the asset is only available for trading on its decentralized exchange (DEX) at the time of writing.

Coinbase’s announcement also suggests that the asset will only be available in supported regions, but did not identify which regions are supported.

Coinbase said it would launch trading on PYUSD-USD trading pairs in phases as liquidity increases. It also said that trades on Coinbase Exchange and Advanced Trade will receive a stable pair pricing of 0 bps maker / 0.1 bps taker.

Coinbase noted that it will list PYUSD with an experimental label, which applies to assets that are new to its platform and assets that have a low trading volume. The latter condition seems to apply to PYUSD, as the stablecoin has a very small 24-hour trading volume of $55,658, according to data from CoinGecko.

Though CoinGecko does not report the market cap of PYUSD, Etherscan suggests that the asset has a market cap of $43.3 million.

PYUSD launched in early August

PayPal initially announced its PYUSD stablecoin on Aug. 7 and made trading available on its own platform. Several other exchanges have also announced support for the stablecoin. Kraken announced support on Aug. 18. Other exchanges that support or plan to support the asset include ByBit, Huobi, Gate.io, Crypto.com, and Uniswap.

The hardware wallet maker Ledger has also announced support for certain cryptocurrencies via PayPal but did not state whether it would support PYUSD.

The post Coinbase to list PayPal’s PYUSD stablecoin appeared first on CryptoSlate.

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