According to a report from The Daily Hodl, the leading United States crypto exchange, Coinbase, has added PayPal’s dollar-pegged stablecoin PYUSD to its Listing Roadmap.
The significance of Coinbase adding the PYUSD to its listing roadmap is that this signals the coming opportunity for Coinbase users to trade the digital asset on the exchange.
The stablecoin, PayPal USD or PYUSD is built on the Ethereum blockchain and is pegged 1:1 with the U.S. Dollar.
Earlier this month PayPal announced the asset stating that it is “backed by secure and highly liquid assets.”
The payment behemoth's customers can buy and sell PYUSD through the PayPal app and website and convert it to other cryptocurrencies such as Bitcoin. The blockchain-focused firm Paxos Trust Company handles the issuance and custody of the stablecoin, according to PayPal’s website:
“Custody, trading and transfer services for cryptocurrencies are performed for us by our licensed service provider, Paxos Trust Company, LLC or other appropriately licensed or otherwise authorized service provider.”
Coinbase announced the addition to its listing roadmap on its official X page (formerly Twitter) Thursday, August 24th. The exchange created the roadmap last year to increase transparency with its new listings.
Coinbase CEO Brian Armstrong has said the exchange aims to list as many crypto assets as possible, as long as they meet the company’s standards.
“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are.”
The arrival of PayPal’s stablecoin could potentially be an adoption catalyst for the crypto industry as a whole.
Comments