• Coinbase has added PayPal’s new dollar-backed stablecoin (PYUSD) to its listing roadmap.
• PYUSD is built on Ethereum and aims to maintain a 1:1 peg with the US dollar.
• Customers can buy and sell PYUSD through PayPal app and website, with Paxos Trust Company performing the issuance and custody of the asset.
Coinbase Adds PayPal’s Stablecoin PYUSD
Coinbase, one of the top US crypto exchanges, has placed PayPal’s new stablecoin on its listing roadmap, meaning users could soon trade the digital asset on the platform. The stablecoin, called PayPal USD (PYUSD), is aimed at maintaining a 1:1 peg with the US dollar and is built on Ethereum (ETH).
Buying & Selling Through PayPal App & Website
PayPal unveiled PYUSD earlier this month and stated it is “backed by secure and highly liquid assets”. Customers can buy and sell PYUSD through their PayPal app or website as well as convert it to other crypto assets like Bitcoin (BTC). The blockchain-focused firm Paxos Trust Company performs the issuance and custody of the stablecoin. Since launching, PYUSD has mostly maintained its peg but did briefly drop to a low of $0.979 at one point.
Increasing Transparency With Listing Roadmap
Coinbase announced its addition to their listing roadmap on Thursday in order to increase transparency throughout their process for trading support announcements. Coinbase CEO Brian Armstrong said they aim to list as many crypto assets as possible that meet their standards. He compared it to Amazon where if a product gets consistently low ratings then they may remove it from being sold – otherwise letting consumers decide what these things are worth.
Striving For Greater Accessibility
Coinbase strives for greater accessibility by allowing customers access to crypto assets that are safe, compliant, secure, trusted, transparently priced, have liquidity in markets around them so they can be bought or sold quickly without slippage costs or extra fees associated with tokens or coins not listed on major exchanges like Coinbase Pro or other platforms such as Binance US . This helps users get access to digital currency investments that are backed by real world value while providing security for their funds during price volatility due to market forces beyond their control .
Conclusion
In conclusion , Coinbase adding PayPal’s new stablecoin PYUSD onto its listing roadmap provides customers more options when investing in digital currencies especially those backed by real world value such as fiat currency . It also helps provide an additional layer of security for user funds during times of market volatility .