San Francisco, CA – In a recent announcement, Coinbase, one of the leading cryptocurrency exchanges, has revealed its plans to list PayPal’s stablecoin, PYUSD. The trading for PYUSD against USD pairs is set to commence “on or after 9 AM PT,” with a phased rollout. However, it’s important to note that certain geographic restrictions may apply.
This move follows last week’s subtle hint from Coinbase about potentially adding PYUSD to its platform. The official confirmation solidifies the exchange’s support for PYUSD under an “experimental” designation. The experimental label is typically reserved for assets that are relatively new to the platform or have lower trading volumes compared to more established cryptocurrencies within Coinbase’s marketplace.
Under this designation, Coinbase will closely monitor the performance and trading activity of PYUSD. The label may be removed once the asset no longer meets the criteria associated with experimental status.
PayPal’s PYUSD stablecoin was launched earlier this month in partnership with Paxos and has already secured listings on several prominent exchanges, including Huobi, Kraken, and Crypto.com. Despite these listings, the adoption of PYUSD has been slower than anticipated, with the total supply currently standing at approximately 43 million tokens.
A recent report by Nansen has shed light on the apparent lack of demand for PYUSD among cryptocurrency users. This trend could be attributed to PayPal’s focused approach, targeting a specific demographic for its stablecoin offering. The crypto community will be closely watching the developments surrounding PYUSD as it seeks to establish its presence in the ever-evolving digital currency landscape.
