Coinbase Officially Puts PYUSD Paypal Stablecoins On Its Platform

PayPal's PYUSD stablecoin. (Photo; Doc. Comparic)

JAKARTA - Coinbase, one of the leading cryptocurrency exchanges, has announced Paypal's official listing of PYUSD stablecoins on its platform. This announcement comes a day after Coinbase expressed its support for this digital asset.

PYUSD trading in Coinbase began on Thursday, 9 a.m., provided that there will be a gradual launch of trading pairs "as far as liquidity conditions are met."

Coinbase explained, "Once this asset supply is sufficient, we will launch trading for the PYUSD-USD trading pair in stages."

The exchange also emphasizes that support for PYUSD may be limited in some supported jurisdictions. Keep in mind that PYUSD operates as an ERC20 token on the Ethereum network, and users are reminded not to transfer these assets through alternative networks to avoid risks.

According to the latest report, the supply of PYUSD has increased significantly from 26.9 million to 43.3 million PYUSD. However, even though added to Coinbase, PYUSD activities are still limited, with only 1,587 transfers and 388 holders. On August 31, PYUSD can be obtained through Coinbase.

We also note that several other digital currency platforms, including Crypto.com, Uniswap, Gate.io, Bitmart, and Bybit, have also supported PYUSD tokens. On August 31, Coinbase's labeled wallet housed around 1,005,467 PYUSD, making it the fifth largest PYUSD wallet.

This means that Coinbase contributes about 2.3221% of Paypal's total stablecoin supply. With this addition, cryptocurrencies continue to grow in complexity, offering users more choices around the world.