Coinbase announced it will add support for PayPal's stablecoin $PYUSD on the Ethereum network. Trading will begin on or after 9 am PT on 31 August 2023, if liquidity conditions are met.
PayPal announced the launch of $PYUSD earlier this month. Issued by Paxos, $PYUSD is fully backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents. It's built on Ethereum and designed for digital payments and Web3.
Related: PayPal Launched New Stablecoin PayPal USD, Issued by Paxos
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