Coinbase customers can now buy and sell PayPal’s new US dollar-pegged stablecoin on the exchange’s website and mobile apps.
The top US crypto exchange officially rolled out trading support on Thursday for PayPal USD (PYUSD), which aims to maintain a 1:1 peg with the US dollar.
Coinbase first placed the asset on its listing roadmap last week.
PayPal unveiled PYUSD earlier this month and said it is “backed by secure and highly liquid assets.”
The payment giant’s customers can buy and sell the stablecoin 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 asset, according to PayPal’s website.
Coinbase added support for PYUSD under its “Experimental Label,” a designation the exchange established for riskier, lower liquidity tokens.
PYUSD, which is built on Ethereum (ETH), has mostly maintained its peg since launching but did briefly drop to a low of around $0.979 at one point last Friday. It’s trading right at $1.00 at time of writing.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney