Coinbase has announced that it will start trading in PayPal’s newly launched stablecoin, PYUSD, on Aug. 31, provided that liquidity conditions are met.
- According to the company’s tweet, trading will begin “on or after 9 AM PT” and will be rolled out in phases for the PYUSD-USD pairs. However, restrictions may apply in certain jurisdictions.
- Last week, Coinbase hinted at adding PYUSD to its platform; this recent confirmation means that the exchange will support the PYUSD under an “experimental” label.
- This label is reserved for assets relatively new to the platform or those with lower trading volumes compared to the more established ones in its crypto marketplace.
- This means that the exchange closely monitors these experimental assets and may remove the label when the asset no longer meets the criteria.
- PayPal’s stablecoin, launched earlier this month in partnership with Paxos, has already been listed on several exchanges, including Huobi, Kraken, and Crypto.com.
- However, the adoption of PYUSD has been slower than anticipated, with a total supply of around 43 million tokens.
- A recent report by Nansen highlighted the apparent lack of demand for PYUSD among crypto users, potentially attributed to PayPal targeting a distinct demographic for its stablecoin.
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