Coinbase has listed Paypal’s PYUSD stablecoin, following an announcement of its support for the digital asset just a day earlier. Should liquidity requirements be satisfied, the exchange plans to introduce trading pairs for the asset in stages.
Coinbase Adds PYUSD Stablecoin
Coinbase, the prominent cryptocurrency exchange headquartered in San Francisco, has incorporated Paypal’s dollar-tied token, PYUSD, into its offerings. The firm broke the news on Wednesday, mentioning that trading would commence at 9 a.m. PT on Thursday, provided “liquidity conditions were met.”
“Once sufficient supply of this asset is established trading on our PYUSD-USD trading pairs will launch in phases,” elaborated Coinbase. “Support for PYUSD may be restricted in some supported jurisdictions.” The exchange also emphasized that PYUSD operates as an ERC20 token on the Ethereum network, cautioning users against transferring the asset through alternate networks to avoid potential losses.
According to a recent Bitcoin.com News report, PYUSD’s supply experienced a spike leaping from 26.9 million to 43.3 million PYUSD. However, despite the recent addition to Coinbase, PYUSD’s activity remains limited, recording merely 1,587 transfers and boasting 388 holders. As of 12:30 p.m. ET on August 31, the exchange’s web portal says PYUSD can be acquired via Coinbase.
Our report on PYUSD highlighted that other digital currency platforms, such as Crypto.com, Uniswap, Gate.io, Bitmart, and Bybit, also support the token. On Thursday specifically, a labeled Coinbase wallet possesses around 1,005,467 PYUSD, ranking it as the fifth-largest PYUSD wallet as of August 31. This means the Coinbase wallet accounts for approximately 2.3221% of the total supply of Paypal’s stablecoin token.
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