Coinbase, a renowned cryptocurrency exchange headquartered in San Francisco, has officially integrated Paypal’s PYUSD stablecoin into its platform. The announcement came a day after Coinbase declared its support for the digital asset. The exchange is set to initiate trading activities at 9 a.m. PT on Thursday, contingent upon the fulfillment of liquidity prerequisites.
Incorporation of PYUSD Stablecoin on Coinbase
The high-profile cryptocurrency exchange, Coinbase, has taken a significant step by adding Paypal’s PYUSD stablecoin to its array of offerings. The announcement was made on Wednesday, and the exchange is preparing to enable trading starting at 9 a.m. PT on the subsequent Thursday, subject to the achievement of stipulated “liquidity conditions.”
Coinbase provided further insights into its plans, stating, “Once an adequate supply of this asset is established, trading on our PYUSD-USD trading pairs will be rolled out in phases.” However, the exchange also noted that availability of PYUSD might be limited in certain supported jurisdictions. Additionally, Coinbase emphasized that PYUSD functions as an ERC20 token within the Ethereum network, cautioning users to avoid transferring the asset through alternative networks to mitigate potential losses.
According to a recent report from CryptokenTop.com News, there has been a notable surge in the supply of PYUSD, surging from 26.9 million to 43.3 million PYUSD. Despite its recent integration into Coinbase, PYUSD’s transaction activity remains somewhat constrained, registering only 1,587 transfers and being held by 388 individuals. As of 12:30 p.m. ET on August 31, Coinbase’s online platform confirms the availability of PYUSD for acquisition.
Our coverage of PYUSD’s status revealed that several other digital currency platforms, including Crypto.com, Uniswap, Gate.io, Bitmart, and Bybit, also extend support for this token. Specifically on Thursday, a designated Coinbase wallet holds approximately 1,005,467 PYUSD, positioning it as the fifth-largest wallet for PYUSD by August 31. This implies that the Coinbase wallet accounts for approximately 2.3221% of the overall supply of Paypal’s stablecoin token.
Your Input on Coinbase’s Inclusion of Paypal’s PYUSD
We invite your insights and viewpoints on Coinbase’s decision to incorporate Paypal’s PYUSD stablecoin. Please feel free to share your reflections and opinions on this matter in the comments section provided below.
Frequently Asked Questions (FAQs) about Cryptocurrency Integration
What is the significance of Coinbase’s integration of Paypal’s PYUSD stablecoin?
Coinbase’s integration of Paypal’s PYUSD stablecoin marks a substantial step in the expansion of cryptocurrency offerings, enhancing accessibility to a dollar-tied digital asset.
When will trading of PYUSD on Coinbase commence?
Trading for PYUSD on Coinbase is set to begin at 9 a.m. PT on Thursday, pending the fulfillment of specified liquidity conditions.
How will trading for PYUSD be introduced on Coinbase?
Trading pairs for PYUSD will be gradually introduced on Coinbase’s platform once an adequate supply of the asset is established. This phased approach ensures a controlled and stable trading environment.
What network does PYUSD operate on?
PYUSD operates as an ERC20 token on the Ethereum network, offering compatibility and familiarity within the broader cryptocurrency ecosystem.
Are there any limitations to PYUSD trading availability?
Yes, Coinbase has noted that trading support for PYUSD may be restricted in certain supported jurisdictions, possibly due to regulatory considerations.
How does PYUSD compare to other stablecoins in terms of activity?
Despite its recent integration into Coinbase, PYUSD’s transaction activity remains relatively limited, with a recorded count of 1,587 transfers and 388 holders as of the latest data.
What percentage of PYUSD’s supply does the labeled Coinbase wallet hold?
As of August 31, a designated Coinbase wallet holds approximately 2.3221% of the total supply of Paypal’s stablecoin token, making it the fifth-largest wallet for PYUSD.
Can PYUSD be acquired on platforms other than Coinbase?
Yes, other digital currency platforms such as Crypto.com, Uniswap, Gate.io, Bitmart, and Bybit also support PYUSD, providing users with alternative avenues for acquisition.
You are encouraged to share your thoughts and viewpoints on Coinbase’s decision to include Paypal’s PYUSD stablecoin in the comments section provided at the end of the article.
More about Cryptocurrency Integration
- PYUSD Stablecoin
- Ethereum Network
- CryptokenTop.com News