Coinbase has confirmed its intention to include PayPal’s recently unveiled stablecoin, PYUSD, in its trading options starting from August 31, 2023, contingent upon meeting liquidity requirements.
Trading activities are scheduled to commence at or after 9 AM PT on August 31, with a phased rollout plan for the PYUSD-USD trading pairs, it said on X, formerly Twitter.
Nonetheless, it’s important to note that certain jurisdictions may impose restrictions on PYUSD support.
This move follows Coinbase’s earlier hint at the potential addition of PYUSD to its platform. The recent announcement solidifies its commitment to support PYUSD, albeit initially under an “experimental” designation. Such a label is typically applied to assets that are relatively new on the platform or possess lower trading volumes compared to more established cryptocurrencies within its marketplace.
Under the “experimental” category, Coinbase closely monitors these assets and may remove the label once the asset meets specified criteria and gains broader acceptance.
PayPal’s stablecoin, launched in collaboration with Paxos earlier this month, has already found listings on various other exchanges, including Huobi, Kraken, and Crypto.com. However, PYUSD’s adoption rate has been slower than expected, with a total supply of approximately 43 million tokens.
A recent report by Nansen highlighted the apparent lack of demand for PYUSD within the crypto community, possibly due to PayPal’s targeted demographic for its stablecoin.
