Coinbase customers can now buy and sell PayPal’s new US dollar-pegged stablecoin, PayPal USD (PYUSD), on the exchange’s website and mobile apps. The top US crypto exchange officially rolled out trading support for the asset, which aims to maintain a 1:1 peg with the US dollar, last week. PayPal unveiled PYUSD earlier this month and said it is “backed by secure and highly liquid assets.” Customers can buy and sell the stablecoin through the PayPal app and website and convert it to other crypto assets like Bitcoin (BTC). The blockchain-focused firm Paxos Trust Company performs the issuance and custody of the asset. Coinbase added support for PYUSD under its “Experimental Label,” a designation the exchange established for riskier, lower liquidity tokens. Other major exchanges such as Kraken, ByBit, Huobi, and Crypto.com have also rolled out trading services for the asset. PYUSD, which is built on Ethereum (ETH), has mostly maintained its peg since launching but did briefly drop to a low of around $0.979 at one point last Friday. It’s trading right at $1.00 at time of writing.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸 🇸🇬 🇯🇵
Sentiment	neutral
Relevance Score	8
People	None
Companies	Huobi, Paxos Trust Company, PayPal, ByBit, Coinbase, Kraken, Crypto.com
Currencies	Ethereum, PayPal USD, Bitcoin, US Dollar
Securities	None