Top US Crypto Exchange Coinbase Officially Rolls Out Trading Support for New PayPal Stablecoin PYUSD

Coinbase prospects can now purchase and promote PayPal’s new US dollar-pegged stablecoin on the change’s web site and cellular apps.

The highest US crypto change formally rolled out buying and selling help on Thursday for PayPal USD (PYUSD), which goals to take care of a 1:1 peg with the US greenback.

Coinbase first placed the asset on its itemizing roadmap final week.

PayPal unveiled PYUSD earlier this month and mentioned it’s “backed by safe and extremely liquid belongings.”

The fee large’s prospects should buy and promote the stablecoin by way of the PayPal app and web site and convert it to different crypto belongings like Bitcoin (BTC). The blockchain-focused agency Paxos Belief Firm performs the issuance and custody of the asset, in keeping with PayPal’s website.

Coinbase added help for PYUSD below its “Experimental Label,” a designation the change established for riskier, decrease liquidity tokens.

Coinbase isn’t the primary main change to checklist the brand new stablecoin: Kraken, ByBit, Huobi, and Crypto.com all rolled out buying and selling providers for the asset earlier this month.

PYUSD, which is constructed on Ethereum (ETH), has principally maintained its peg since launching however did briefly drop to a low of round $0.979 at one level final Friday. It’s buying and selling proper at $1.00 at time of writing.

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