Coinbase has placed PayPal’s new stablecoin on its listings roadmap, meaning the exchange’s users will soon be able to trade the digital asset.
Named PayPal USD (PYUSD), the stablecoin aims for a 1:1 peg to the US dollar and is built on Ethereum (ETH).
PayPal unveiled the asset earlier this month, saying it is “backed by secure and highly liquid assets.”
The payments giant’s customers can buy and sell PYUSD through the PayPal app and website and convert it into other crypto assets such as Bitcoin (BTC). Blockchain-focused firm Paxos Trust Company handles the issuance and custody of the stablecoin, according to PayPal. website.
PYUSD has largely held its steady position since launch, but briefly dropped to a low of $0.979 at one point on Friday.
Coin base announced the addition to the listing roadmap on Thursday. The exchange made last year’s roadmap to increase transparency and reduce the ability to front its new trade aid announcements.
Coinbase CEO Brian Armstrong has said that the exchange aims to bring to market as many crypto assets as possible, as long as they meet the company’s standards.
“It’s kind of like Amazon or something like that, where a product can have three stars or five stars, but if it consistently gets one star, it’s probably fraudulent or faulty or something and maybe Amazon will take it down. Otherwise, you want to let the market decide what these things are.”
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Generated image: Midjourney