JAKARTA - The leading crypto exchange platform, Coinbase, has announced its plans to include the latest stablecoins from PayPal, PYUSD, into its list of exchange-tradable assets. This move was taken as part of a continuous effort to expand the variety of assets available to users.
Stablecoin, known as PayPal USD (PYUSD), aims to provide value stability by maintaining a 1:1 ratio to the US dollar. In an effort to create a high level of security, this asset was built using Ethereum blockchain (ETH) technology, a well-known blockchain platform.
PayPal, one of the big names in the global payment industry, launched PYUSD earlier this month. They claim that these assets are powered by safe and liquid resources. PayPal subscribers now have the opportunity to acquire and exchange PYUSD through their applications and websites. In addition, these assets can convert into other cryptocurrencies such as Bitcoin (BTC) through this service.
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The leading blockchain company, Paxos Trust Company, is responsible for the issuance and storage of stablecoins, in accordance with the information provided on the PayPal website. The presence of PYUSD in the market has shown its stability since its launch, although it had decreased to a low of US$0.979 (Rp14,963) on Friday.
Coinbase, in an announcement issued on Thursday, August 24, officially inaugurated this addition into their platform development plan. This strategy is aimed at clarifying Coinbase development plans and providing further transparency to users.
Coinbase CEO Brian Armstrong explained that this move was part of their commitment to consider any crypto asset that meets the company's standards.
Using an analogy, Armstrong said, "It's like Amazon or something like where a product may have three stars or may have five stars, but if the product starts getting one star consistently, it might be a cheat or a flaw or something and maybe Amazon will remove it. Otherwise, you should let the market decide those things."
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