Coinbase Adds PayPal’s Stablecoin PYUSD to Listing Roadmap

One sentence summary – Coinbase has added PayPal’s stablecoin, PayPal USD (PYUSD), to its listing roadmap, expanding the range of available crypto assets for users on the platform, with the aim of providing stability and accessibility for PayPal customers.

At a glance

  • Coinbase has added PayPal’s stablecoin, PayPal USD (PYUSD), to its listing roadmap.
  • PYUSD is a stablecoin designed to maintain a 1:1 peg with the US dollar and is built on the Ethereum blockchain.
  • PayPal customers can buy and sell PYUSD directly through the PayPal app and website, and convert it into other cryptocurrencies.
  • PYUSD is issued and held in custody by Paxos Trust Company, ensuring security and integrity.
  • Coinbase’s decision to add PYUSD aligns with its commitment to transparency and expanding the availability and accessibility of digital assets.

The details

Coinbase, a leading cryptocurrency exchange, has announced the addition of PayPal’s stablecoin, PayPal USD (PYUSD), to its listing roadmap.

The move is intended to expand the range of available crypto assets for users on the platform.

PYUSD is a stablecoin designed to maintain a 1:1 peg with the US dollar.

It is built on the Ethereum blockchain.

Stability and Accessibility

As a stablecoin, PYUSD offers users a digital asset that can provide relative stability compared to more volatile cryptocurrencies like Bitcoin.

PayPal customers will be able to buy and sell PYUSD directly through the PayPal app and website.

They will also have the ability to convert PYUSD into other cryptocurrencies such as Bitcoin.

The integration between PayPal and Coinbase aims to provide greater accessibility and liquidity for users interested in stablecoin transactions.

Issuance and Custody

Paxos Trust Company, a regulated financial institution specializing in digital asset custody and settlement solutions, is entrusted with the issuance and custody of PYUSD.

Coinbase aims to ensure the security and integrity of PYUSD transactions and holdings by leveraging Paxos’s expertise.

Since its launch, PYUSD has primarily maintained its 1:1 peg to the US dollar.

However, it briefly experienced a drop to a low of $0.979, indicating some minor fluctuations in its value.

Despite this, the stablecoin has generally demonstrated reliability in maintaining its intended peg to the US dollar.

Transparency and Expansion

Coinbase’s decision to create a listing roadmap, including the addition of PYUSD, is driven by the company’s commitment to transparency and reducing front-running.

By providing clear guidelines and standards for listing new crypto assets, Coinbase aims to foster an environment of trust and confidence among its users.

Coinbase CEO Brian Armstrong has expressed his ambition to list as many crypto assets as possible, as long as they meet the company’s rigorous standards.

This commitment aligns with Coinbase’s vision of expanding the availability and accessibility of digital assets to a broader user base.

In summary, Coinbase’s recent addition of PayPal’s stablecoin PYUSD to its listing roadmap serves to enhance the range of crypto assets available to users.

PYUSD, built on Ethereum and maintained by Paxos Trust Company, aims to provide stability and accessibility for PayPal customers.

Coinbase’s focus on transparency and CEO Brian Armstrong’s dedication to listing quality assets contribute to the company’s ongoing efforts to advance the cryptocurrency ecosystem.

Article X-ray

A coin with a dollar sign symbol on it being added to a roadmap.

This section links each of the article’s facts back to its original source.

If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.

dailyhodl.com
– Coinbase has added PayPal’s stablecoin, called PayPal USD (PYUSD), to its listing roadmap.
– PYUSD aims to maintain a 1:1 peg with the US dollar and is built on Ethereum.
– PayPal customers can buy and sell PYUSD through the PayPal app and website and convert it to other crypto assets like Bitcoin.
The issuance and custody of PYUSD is performed by Paxos Trust Company.
– PYUSD has mostly maintained its peg since launching but briefly dropped to a low of $0.979 at one point.
– Coinbase created the listing roadmap to increase transparency and reduce front-running.
– Coinbase CEO Brian Armstrong aims to list as many crypto assets as possible, as long as they meet the company’s standards.

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