Crypto News– Crypto exchange Coinbase is introducing support for the recently unveiled PayPal stablecoin, PYUSD. Last week, Coinbase hinted at the potential addition of PYUSD to its platform.
PayPal Stablecoin PYUSD Poised for Listing on Coinbase
With the confirmation, the exchange will facilitate PYUSD transactions under the “experimental” designation. This classification is typically assigned to assets that are either novel to the platform or exhibit relatively lower trading volumes compared to the broader crypto market on Coinbase. The platform actively monitors the performance of experimental assets and may remove the label when an asset no longer meets the specified criteria.
PayPal’s stablecoin, PYUSD, was collaboratively launched earlier this month alongside Paxos. While multiple exchanges, including Huobi, Kraken, and Crypto.com, have already listed the stablecoin, its adoption seems to be progressing gradually. The current overall supply of PYUSD is approximately 43 million tokens. According to a recent report by Nansen, there appears to be limited demand from the crypto user base for PYUSD, possibly due to the presence of other viable alternatives. This could be indicative of PayPal targeting a distinct demographic for its adoption.
PayPal’s assertion that PYUSD streamlines payments and facilitates the utilization of digital money by prominent brands aims to drive its adoption.
The question of whether the crypto exchange giant Binance will include PYUSD in its listings remains open.
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