Coinbase Officially Rolled Out Trading Support for PayPal Stablecoin PYUSD

Coinbase has added trading support for PayPal’s new US dollar-pegged stablecoin PYUSD on its website and mobile apps. The stablecoin is backed by secure and highly liquid assets and aims to maintain a 1:1 peg with the US dollar. Check out the latest reports about this.

PYUSD was recently unveiled by PayPal and can be bought and sold on its app and website, as well as converted to other crypto assets like Bitcoin (BTC).

The issuance and custody of the asset are managed by Paxos Trust Company, according to PayPal’s website.

A new stablecoin called PYUSD has been added to Coinbase’s offerings under the “Experimental Label,” which is reserved for tokens with lower liquidity and higher risk.

Although Coinbase is not the first major exchange to list PYUSD, with Kraken, ByBit, Huobi, and Crypto.com all offering trading services for the asset earlier this month, it has still garnered attention.

PYUSD is built on Ethereum (ETH) and has generally held its peg since launching, but it did briefly dip to approximately $0.979 last Friday before rebounding to trade at $1.00 at the time of writing.

In other recent news, according to a report by the Wall Street Journal, a former executive of Fidelity has stated that the financial giant missed out on the opportunity to become a competitor to the popular crypto exchange, Coinbase, during the early stages of digital assets.

The executive, Jurica Bulovic, who now serves as the head of mining at Bitcoin mining company Foundry, claims that Fidelity “could have been more aggressive” in its approach towards establishing itself in the crypto space.

As a result, Fidelity reportedly lost many custody clients to Coinbase and, had it been more competitive, could have achieved the same level of success as Coinbase in the crypto industry today.

“Hindsight is 20/20. When I look back now, I think Fidelity could have become a household name for buying and selling crypto like Coinbase is today.”