The largest US crypto exchange has experimental plans for PYUSD. Coinbase has announced that it will begin trading PayPal’s newly launched PYUSD stablecoin under liquidity conditions on August 31st.
According to the company’s tweet, trading will begin “on or after 9:00 a.m. PT” and will be incremental for PYUSD-USD pairs. However, restrictions may apply in certain jurisdictions. Last week, Coinbase hinted at adding PYUSD to its platform; This recent confirmation means that the exchange will support PYUSD with an “experimental” tag. This designation is reserved for assets that are relatively new to the platform or have smaller trading volumes compared to more well-known entities in the crypto market. This means that the exchange will closely monitor these test resources and may remove the tag if the content no longer meets the criteria. PayPal’s stablecoin, which launched earlier this month in partnership with Paxos, is already listed on several exchanges, including Huobi, Kraken and Crypto.com. However, the adoption of PYUSD has been slower than expected, with a total of around 43 million tokens. A recent Nansen report highlighted the apparent lack of demand for PYUSD among crypto users, which may be due to PayPal targeting the stable to a specific demographic.