Major cryptocurrency exchange oinbase-halts-tether-transactions-in-canada">oinbase">Coinbase announced it will list PayPal’s new PYUSD stablecoin on its platform. The move comes shortly after other top exchanges like Binance, FTX, and OKX added support for the PayPal-issued digital asset.
Launched in October 2022, PYUSD is fully backed 1-to-1 with US dollar reserves held by PayPal. The stablecoin aims to provide utility for high-speed transactions and as a conversion tool between different cryptocurrencies. PayPal also intends for PYUSD to be used for shopping, bill pay, and other payments through its network.
The listing by oinbase">Coinbase will further expand accessibility and exposure for PYUSD. As one of the largest crypto exchanges globally, oinbase">Coinbase offers trading access to over 100 million verified users. Support from top platforms also helps drive confidence in new stablecoins like PYUSD. However, the coin faces stiff competition from established titans like Tether and Circle’s USDC which dominate market share in the growing stablecoin sector. But PayPal’s massive user base provides a built-in advantage for PYUSD adoption.
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