Coinbase customers can now buy and sell PayPal’s new US dollar-pegged stablecoin on the exchange’s website and mobile apps.
The top US crypto exchange officially rolled out trading support on Thursday for PayPal USD (PYUSD), which aims to maintain a 1:1 peg with the US dollar.
Coinbase first placed the asset on its listing roadmap last week.
PayPal unveiled PYUSD earlier this month and said it is “backed by secure and highly liquid assets.”
The payment giant’s customers can buy and sell the stablecoin through the PayPal app and website and convert it to other crypto assets like Bitcoin (BTC). The blockchain-focused firm Paxos Trust Company performs the issuance and custody of the asset, according to PayPal’s website.
Coinbase added support for PYUSD under its “Experimental Label,” a designation the exchange established for riskier, lower liquidity tokens.
Coinbase isn’t the first major exchange to list the new stablecoin: Kraken, ByBit, Huobi, and Crypto.com all rolled out trading services for the asset earlier this month.
PYUSD, which is built on Ethereum (ETH), has mostly maintained its peg since launching but did briefly drop to a low of around $0.979 at one point last Friday. It’s trading right at $1.00 at time of writing.
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