In a decentralised collision with traditional finance, leading crypto exchange Coinbase has begun listing PayPal’s new stablecoin PYUSD on its platform. 

PayPal launched its USD-pegged PYUSD ($PYUSD) at the beginning of August, with the intention of offering seamless and secure crypto transactions to its global 435 million user base. 

Although the stablecoin industry and its $126 billion circulating supply is largely dominated by the Tether-issued USDT, PayPal CEO Dan Schulman is convinced that PYUSD possesses unique investment potential through being the first stablecoin to be launched by a major payments processor. 

For now, the coin has been listed on Coinbase’s CEX with an ‘Experimental Asset’ label, which essentially indicates that it’s either a new or ‘low-traded’ asset. However, given the mainstream appeal of PayPal, we can expect the label to be removed in weeks to come.

Nonetheless, if liquidity conditions are met, Coinbase will today (August 31st) launch a PYUSD-USD trading pair. Here, and as is the case with the 250+ other cryptocurrencies on the platform, users will be able to send and receive PYUSD through their Coinbase ERC-20 wallets. 

Coinbase will add support for PayPal USD (PYUSD) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets ????️ (@CoinbaseAssets) August 30, 2023

The coin - which is issued by Paxos - can also be found on other crypto exchanges, such as Crypto.com, Kraken, and Gate.io. It has a market cap of over $43 million, and despite only launching on August 7th, has a 24-hour trade volume of (a little) over $2 million. 

PayPal’s mission to become a leader in the crypto payments space began back in 2020- and as of August 2023, US and UK users of the platform can buy, sell and hold Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), and of course, PYUSD. 

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This article is intended for educational purposes and is not financial advice.