US-based cryptocurrency exchange Coinbase has shared its intention to list for a new Paypal-supported altcoin. The coin, which has been added to the roadmap of the stock market, can be opened to transactions very soon.
Coinbase shared listing plans for this altcoin
The popular exchange plans to list PayPal USD (PYUSD), the new cryptocurrency launched by PayPal. In a recent announcement, Coinbase shared that it has added PYUSD to its roadmap. Accordingly, the exchange is preparing for the ERC-20-based PYUSD list. Before officially starting operations, Coinbase prepares for the new coin as part of its roadmap. As of today, it has added PYUSD to its list.
https://twitter.com/CoinbaseAssets/status/1694844095796253091
However, it should be noted that the PYUSD list is not definitive. Previous similar Coinbase announcements, which we quoted as Kriptokoin.com, led to a double-digit rally in terms of price.
What is PayPal USD (PYUSD)?
PayPal recently launched its own stablecoin, PayPal USD (PYUSD). According to the announcement, PYUSD makes virtual payments seamless, especially within Blockchain ecosystems. Stablecoin currently only serves eligible PayPal customers in the US. A potential Coinbase listing will lead to new use cases.
Essentially, PayPal USD is a stablecoin whose value is equal to the value of its underlying asset, the US dollar. A stablecoin is a type of cryptocurrency that is tied to a fiat currency. According to PayPal, PYUSD is fully backed by USD deposits, short-term US treasury bills and similar cash equivalents. This allows the PYUSD tying mechanism to maintain the USD value even when other cryptocurrencies and wide market fluctuations are experienced. Reserves provide users with assurance that they can exchange stablecoins for the underlying asset if an unexpected event causes the stablecoin to leave the fiat currency to which it is tied.
For those looking to acquire PYUSD, PayPal says it can be traded through its official website. As highlighted by PayPal, users can pay for online purchases with PayPal USD transactions. This means it will likely be accepted by the consumer payment industry. Coins are also available for transfer to crypto wallets that support PYUSD, such as Coinbase Wallet and MetaMask.
Additionally, PayPal customers in the US can use it to purchase other cryptocurrencies that PayPal supports. These include Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).
What does the Coinbase listing mean?
PayPal says that PYUSD can support fast fund transfers for various purposes, such as remittances. However, the stablecoin will serve as the new safe haven for Coinbase users. In addition, its use as a payment method provides new advantages. The Coinbase listing will open up new avenues of daily use, especially for users.
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