Coinbase has officially confirmed its plans to integrate trading support for PayPal’s recently launched stablecoin, PYUSD. This move is set to take effect on August 31, contingent upon favorable liquidity conditions.
The official announcement, shared via the company’s X (previously Twitter) account, reveals that PYUSD trading will commence “on or after 9 AM PT ” and will be gradually rolled out, primarily focusing on PYUSD-USD trading pairs. However, it’s important to note that specific restrictions may apply to users in certain jurisdictions.
Coinbase had previously hinted at its intention to include PYUSD on its platform. This recent confirmation solidifies the exchange’s commitment to support PYUSD under an “experimental” designation.
The “experimental” label is typically reserved for assets that are relatively new to the platform or have lower trading volumes compared to more established cryptocurrencies in Coinbase’s extensive marketplace. This designation signifies that the exchange will closely monitor PYUSD and may remove the label as the asset gains traction and meets predefined criteria.
PYUSD Challenging Adoption in the Crypto Landscape Despite Coinbase News
PYUSD, PayPal’s stablecoin, made its debut earlier this month in collaboration with Paxos. Despite being listed on several exchanges, including Huobi, Kraken, and Crypto.com, the adoption of PYUSD has been slower than anticipated. The total supply of PYUSD stands at approximately 43 million tokens.
A recent report by Nansen has shed light on the apparent lack of demand for PYUSD among the crypto community, potentially attributed to PayPal’s unique demographic target for its stablecoin.
Coinbase’s decision to integrate PYUSD trading signals growing interest in the stablecoin, and its status as an experimental asset will undoubtedly be closely watched by the crypto community as it evolves in the marketplace.