Coinbase Incorporates PayPal’s PYUSD Stablecoin into Its Expansion Plan
Coinbase has added PayPal’s latest stablecoin to its upcoming listing plans, potentially enabling users of the platform to soon engage in trading this digital currency.
Known as PayPal USD (PYUSD), this stablecoin is designed to maintain a 1:1 parity with the US dollar and is built upon the Ethereum (ETH) blockchain. Launched by PayPal this month. The stablecoin boasts robust backing with secure and highly liquid assets. PYUSD can be bought and sold through PayPal’s app and website. With the option to convert it into other cryptocurrencies like Bitcoin (BTC). The issuance and custody of the stablecoin are managed by blockchain-focused company Paxos Trust Company. As per PayPal’s official website.
Although PYUSD has generally upheld its peg since its launch. Coinbase unveiled the inclusion of PYUSD in its listing roadmap on Thursday. The exchange introduced this roadmap last year to enhance transparency and minimize the potential for front-running related to new trading support announcements.
Brian Armstrong, the CEO of Coinbase, has emphasized the exchange’s goal to list numerous crypto assets. As long as they align with the company’s quality standards. In his words, “It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently. It’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are.”
Clever Robot News Desk 28th August 2023
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