In a major development, Coinbase, a major crypto exchange, has formally unveiled its plans to list PayPal's stablecoin, PYUSD. This strategic decision marks the second major U.S.-based exchange in just a week to embrace the digital asset.
Following in the footsteps of Kraken, which recently introduced PayPal USD trading options to its users, Coinbase's announcement underscores the rapid mainstream acceptance of the stablecoin. The initial news about PYUSD's launch emerged in early August, sparking a real seismic shift in the industry.
Asset added to the roadmap today: PayPal USD (PYUSD) https://t.co/rRB9d3iqgA
— Coinbase Assets 🛡️ (@CoinbaseAssets) August 24, 2023
At its core, PYUSD derives its value from a bedrock of deposits nestled within the U.S. financial ecosystem. These deposits predominantly comprise short-term treasury bills and cash equivalents, with the aim of ensuring stability and trust.
Some data about PayPal's USD
Since its formal inauguration, an impressive 40.8 million PYUSD have been minted, an astonishing 120,000 of which were brought into existence in the past four days alone. An analysis of data presented by Etherscan reveals a noteworthy surge in stablecoin holders, a staggering 220% surge compared to the beginning of the week, now totaling an estimated 230 addresses.
It is important to note that Paxos and Paxos Treasury addresses continue to wield dominance, overseeing a remarkable 91.4% of the total stablecoin supply. However, this percentage is gradually decreasing due to the rapid growth of the holder base.
Coinbase's endorsement of PYUSD's listing ushers in a new era of possibilities, effectively uniting traditional financial systems with the dynamic realm of the new digital economy. As the crypto market continues to evolve, this move is set to have far-reaching implications, cementing the significance of PayPal USD on the global stage.
Alex Dovbnya
