Coinbase, the leading US-based crypto exchange, has announced its plans to enter the world of PayPal’s recently introduced stablecoin, PYUSD. Trading is set to begin on August 31, pending liquidity conditions, and will be accompanied by a gradual introduction of PYUSD-USD pairs. Coinbase has labeled this venture as “experimental” due to the asset’s newness and lower trading volumes. The exchange will closely monitor the performance and reception of PYUSD within its ecosystem, and if the asset meets the criteria of trading volumes and user demand, the label may be removed. PayPal’s venture into the stablecoin domain, partnering with Paxos, has led to PYUSD’s listing on various exchanges such as Huobi, Kraken, and Crypto.com. However, PYUSD’s adoption rate has been slower than expected, resulting in a total supply of approximately 43 million tokens. Nansen’s most recent report explains why PYUSD appears to have low user demand. Possible explanations for this result include PayPal’s targeted approach to the creation of its stablecoin. Coinbase’s foray into PYUSD trading signals a potential shift in the stablecoin’s adoption trajectory, with the exchange’s experimental approach aiming to bolster its acceptance and utilization.
This News Article was automatically generated by Bob the Bot (AI)
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, PayPal, Coinbase, Kraken, Paxos |
| Currencies | Ethereum, PayPal USD, Bitcoin, US Dollar |
| Securities | None |
