Coinbase stated on August 30 that it will shortly introduce support for PayPal’s stablecoin, PYUSD, as an ERC-20 token to the Ethereum network.
PayPal’s Stablecoin
The Coinbase firm also said that trading would commence on or after August 31 at 9:00 a.m. PST, if liquidity standards are met.
Though the asset will be available on Coinbase’s major exchange, the company’s pages indicate that it is currently only available for trading on its decentralised exchange (DEX).
Coinbase’s release also implies that the asset will only be available in supported regions, but does not specify which ones.
Coinbase Exchange
Coinbase stated that trading on PYUSD-USD trading pairs would be introduced in stages as liquidity increased.
It also stated that deals on the Coinbase Exchange and Advanced Trade will have a consistent pair pricing of 0 bps maker / 0.1 bps taker.
PYUSD
Coinbase stated that PYUSD will be listed with an experimental designation, which applies to assets that are new to its platform and have a modest trading volume.
According to CoinGecko data, the latter requirement appears to apply to PYUSD, as the stablecoin has a very small 24-hour trading volume of $55,658.
Though CoinGecko does not reveal the market cap of PYUSD, Etherscan estimates it to be $43.3 million.
PYUSD debuted in early August
On August 7, PayPal unveiled the PYUSD stablecoin and made trading available on its own platform. Several additional exchanges have also expressed interest in the stablecoin.
On August 18, Kraken revealed its support. ByBit, Huobi, Gate.io, Crypto.com, and Uniswap are among the other exchanges that support or plan to support the asset.
Ledger has also announced support for certain cryptocurrencies via PayPal, but has not stated if it would accept PYUSD.
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