In a ground-breaking move that signals a convergence of traditional finance and the burgeoning crypto economy, Coinbase announced its listing of PayPal’s stablecoin, PYUSD. This comes on the heels of Kraken’s recent addition of PYUSD trading options, marking a significant stride in the stablecoin’s mainstream adoption.
Coinbase Assets took to Twitter to confirm the news, stating, “Asset added to the roadmap today: PayPal USD (PYUSD). The Ethereum network (ERC-20 token) contract address for PayPal USD (PYUSD) is 0x6c3ea9036406852006290770bedfcaba0e23a0e8.”
The stablecoin, called PayPal USD (PYUSD), aims to maintain a 1:1 peg with the US dollar and is built on Ethereum (ETH). PayPal unveiled the asset earlier this month and said it is “backed by secure and highly liquid assets.” The payment giant’s customers can buy and sell PYUSD through the PayPal app and website and convert it to other crypto assets like Bitcoin (BTC).
Coinbase has listed PayPal’s new stablecoin, meaning the exchange’s users can now trade the digital asset. Coinbase CEO Brian Armstrong has said the exchange aims to list as many crypto assets as possible, as long as they meet the company’s standards.
In conclusion, Coinbase’s listing of PayPal’s stablecoin PYUSD represents a significant step towards the convergence of traditional finance and the burgeoning crypto economy.