Top US Crypto Exchange Coinbase Adds PayPal’s Dollar-Backed Stablecoin PYUSD to Listing Roadmap
Coinbase has placed PayPal’s new stablecoin on its listing roadmap, meaning the exchange’s users could soon trade the digital asset.
The stablecoin, called PayPal USD (PYUSD), aims to maintain a 1:1 peg with the US dollar and is built on Ethereum (ETH).
PayPal unveiled the asset earlier this month and said it is “backed by secure and highly liquid assets.”
The payment giant’s customers can buy and sell PYUSD through the PayPal app and website and convert it to other crypto assets like Bitcoin (BTC). The blockchain-focused firm Paxos Trust Company performs the issuance and custody of the stablecoin, according to PayPal’s website.
PYUSD has mostly maintained its peg since launching but did briefly drop to a low of $0.979 at one point on Friday.
Coinbase announced the addition to its listing roadmap on Thursday. The exchange created the roadmap last year to increase transparency and reduce the possibility of front-running its new trading support announcements.
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.”
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