Coinbase, the renowned crypto exchange, is ready to embrace PayPal’s newly minted stablecoin, PYUSD. Hold on to your hats, folks, because trading is expected to kick off around 9 a.m. PT on August 31, 2023. But there’s a catch! The trading will only commence if the liquidity conditions are met. So, fingers crossed!
Last week, Coinbase had dropped some not-so-subtle hints about this move. And now, with the cat officially out of the bag, PYUSD will join Coinbase’s ranks under the “experimental” label. Let me break it down if you’re wondering what that means. Coinbase slaps this label on assets that are either fresh faces on the platform or those different from the town’s talk regarding trading volume.
Now, let’s rewind a bit. PayPal, the online payment giant, had rolled out its stablecoin earlier this month, and guess what? They had Paxos by their side for this venture. While PYUSD has already debuted on several exchanges like Huobi, Kraken, and Crypto.com, the stablecoin is taking its sweet time to get the party started. The total PYUSD tokens out there are hovering around the 43 million mark.
But here’s where things get juicy. Nansen, a name you might’ve encountered if you’re into analytics, dropped a report that’s got everyone talking. They pointed out a seemingly lukewarm demand for PYUSD among crypto enthusiasts. But why, you ask? It seems like PayPal is playing a different ball game here. Their goal with PYUSD isn’t just to woo the crypto crowd but to simplify payments on a larger scale. Imagine major brands seamlessly integrating digital currency into their operations. Sounds like a game-changer.
The million-dollar question (or the 43 million PYUSD question) is whether Binance, the crypto behemoth, will list PYUSD. Only time will tell!
