- The PayPal USD (PYUSD) stablecoin is quick approaching the $1 billion market cap milestone.
- The strategic partnership will allow Coinbase customers to entry PYUSD with out platform charges.
PayPal Holdings Inc. (NASDAQ: PYPL) and Coinbase International Inc. (NASDAQ: COIN) introduced a strategic partnership on Thursday, April 24. The 2 corporations will work intently to reinforce the worldwide mainstream adoption of the PayPal USD (PYUSD) stablecoin.
PayPal and Coinbase have been working collectively to allow buyers to seamlessly buy and commerce crypto belongings.
“We’re excited to drive new, thrilling, and modern use circumstances along with Coinbase and all the cryptocurrency neighborhood, placing PYUSD on the middle and driving additional utility and adoption for digital currencies amongst builders, clients, and different customers,” Alex Chriss, President and CEO at PayPal, famous.
Direct Advantages of the Collaboration Between Coinbase and PayPal on PYUSD
The PYUSD Stablecoin, on the Solana and Ethereum networks, has grown to a market cap of about $860 million and a 24-hour common buying and selling quantity of about $20 million. PayPal has leveraged its huge buyer base, amounting to greater than 430 million shopper and service provider accounts, to strengthen the market outlook for the PYUSD stablecoin.
Via the strategic partnership, Coinbase customers can now purchase, promote, and commerce PYUSD with no platform charges. Moreover, Coinbase customers can now seamlessly redeem PYUSD 1:1 for U.S. {dollars} immediately on the crypto trade.
Most significantly, the 2 corporations agreed to work collectively to discover new use circumstances for PYUSD within the Decentralized Monetary (DeFi) ecosystem.
“We’re excited to be partnering with PayPal. Their greater than 430 million shopper and service provider accounts provide an unprecedented alternative to extend stablecoin adoption globally,” Brian Armstrong, CEO at Coinbase, famous.
Consequently, the PYUSD is nicely positioned to compete with different stablecoins, led by Ripple’s RLUSD, amongst others.