The convergence between traditional finance and the crypto economy is advancing very quickly. A few days after its launch, PayPal’s dollar-backed stablecoin, the PYUSD, created a surprise. After being listed on the Kraken exchange a few years ago, it is now the Coinbase exchange that has just listed the stablecoin. This significant advance suggests the speed with which the new global financial infrastructure will be put in place.
PayPal joins Coinbase to boost adoption of crypto finance
After signing its entry into the cryptocurrency market with the PYUSD, a stablecoin 100% regulated by the NYDFS, PayPal has just joined forces with that of the Coinbase exchange.
This daring step thus reinforces the adoption of cryptocurrencies in international payments. In the announcementCoinbase exchange officials say:
“Added asset […] today: PayPal USD (PYUSD). The Ethereum network contract address (ERC-20 token) for PayPal USD (PYUSD) is 0x6c3ea9036406852006290770bedfcaba0e23a0e8. »
For the vice-president of the exchange, Daniel Seifert, who is also the regional general manager of EMEA (Europe, Middle East and Africa), the listing of the stablecoin is part of Coinbase’s mission to allow users of services traditional financial institutions to interact more easily and quickly with cryptocurrencies.
German and English PayPal accounts can be linked to Coinbase accounts
Unexpected, but applauded, the collaboration between PayPal and Coinbase seems to be destined for a bright future. Indeed, about 5 days before the announcement of the listing of PYUSD on the exchange, Coinbase had activated a feature allowing its users from Germany and the United Kingdom to link their PayPal account to facilitate crypto transactions.
These initiatives will not be without impact on the price of the PYUSD. As a reminder, PYUSD is a 100% regulated stablecoin that solves security and trust issues and effectively bridges the gap between the traditional financial system and the cryptocurrency universe.
Its listing on Coinbase, which thus reinforces its usefulness, will certainly have a significant impact on its price. Has the USDT found its challenger? In the meantime, Coinbase warns.
PYUSD still awaiting official listing on Coinbase
For the moment, the PYSUD listing process is not complete. Coinbase made this clarification in an official blog post published on its blog.
The announcement states that the platform will not support any sending or trading transactions involving PYUSD “until a listing is officially announced.” In other words, any PYUSD deposit made to a Coinbase account could be lost permanently.
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