Coinbase Adds Support for PayPal USD (PYUSD)

The post Coinbase Adds Support for PayPal USD (PYUSD) appeared first on Coinpedia Fintech News

In an interesting development that brings together regular finance and the growing crypto world, Coinbase has announced that it will add PayPal’s stablecoin, PYUSD, to its platform. This comes right after Kraken also started allowing people to trade with PYUSD. This is a big step in making more people use this stablecoin.

However, a warning was also issued. They said, “Note: Transfers and trading are not supported for these or any other assets until a listing is officially announced. Depositing these assets into your Coinbase account before an official announcement may lead to permanent loss of funds.”

A few weeks ago, PayPal and Paxos Trust Company teamed up to create the PYUSD stablecoin. This coin is backed by real US dollars and short-term US treasuries. It’s meant to be a safe and steady way to do transactions in the Web3 world. According to PayPal, you can swap each PYUSD for 1 US dollar, and they’re going to share a report every month about the money they have checked by an outside company.

Coinbase has shared its plans to expand by adding more networks and ecosystems to its platform. Their goal is to offer a wide variety of assets to their users. Currently, they support two main types of assets for trading:

1. Native assets: These are assets that have their own network, like ETH (Ethereum).

2. Tokens with supported standards: They also support tokens that follow specific token standards, like Ethereum’s ERC20, Solana’s SPL, and Avalanche’s ARC20.

They added, “As mentioned during our launch of Asset Hub, our goal is to list every asset possible that meets our standards for legal, compliance, and technical security. These standards do not take into account the market cap or popularity of a project.”