Coinbase Joins Crypto Exchanges In Listing PayPal’s Stablecoin PYUSD

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.