Crypto Exchange Coinbase (Coin) said that it would introduce free conversions between Paypal stablecoin, Pyusd and American currency in a movement aimed at accelerating the passage to payments on the chain.
This decision, open to customers of retail and institutional sales, is part of a partnership aimed at promoting Pyusd as payment currency. Coinbase also plans to use its platform to offer Pyusd to the vast network of PayPal merchant partners, which could facilitate the use of stablecoins in daily transactions.
The rivalry at the shock heats up
Stablecoins – digital tokens fixed to traditional currencies, mainly the dollar – are one of the fastest sectors of the crypto. They are marketed as a faster and cheaper alternative to inherited payment systems and are increasingly popular for payments beyond borders. Standard Charterd has planned that the sector reaching 2 dollars by 2028 against 220 billion dollars current.
With a regulation for stablecoins advancing in the United States, competition is warmed among transmitters while traditional banks and payment companies are also looking at the market. Binance, the largest crypto exchange, and Circle, transmitter of the second largest dollar supported by a dollar, have already linked to using USDC de Circle as a trading pair and payment method. Circle introduced a network of funds this week.
Market leader Tether, transmitter of the $ 140 billion USDT, is considering the issue of a stablecoin designed for American users.
Meanwhile, Paypal, whose stablecoin made its debut in 2023 and increased to 860 million dollars, recently introduced an annual yield of 3.7% on Pyusd for American token holders to attract more users.
