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Oct 25, 2023

PayPal's PYUSD Live On Coinbase; But There’s A Catch

In a post on X (Twitter), Coinbase announced that PYSD-USD trading pairs are officially live on coinbase.com and Coinbase’s iOS and Android apps. The crypto world has been eagerly awaiting PayPal’s

In a post on X (Twitter), Coinbase announced that PYSD-USD trading pairs are officially live on coinbase.com and Coinbase’s iOS and Android apps. The crypto world has been eagerly awaiting PayPal’s stablecoin linked to the U.S. dollar ever since the payments platform announced the launch of PYUSD.

The entire crypto industry and Governments around the world have had their divided set of opinions on PayPal’s stablecoin. However, the people’s views did not hinder the pace with which PYUSD has listed across various exchanges and the growing number of trading pairs. Even though PYUSD-USD got successfully listed on the Coinbase exchange, the listing has a catch. Coinbase had been active in guiding its community through the entire listing process.

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Coinbase’s official X (Twitter) accounts have posted about listing the PYUSD-USD pair for the last few days. However, today, the exchange posted about the auction mode for PYUSD-USD. The post read, “Customers can post limit orders and view the resulting indicative open price. The books will be in auction mode for a minimum of 10 minutes, during which no matches will occur.”

In a matter of minutes, Coinbase added another post informing the PYUSD-USD trading pair would enter limit-only mode on the exchange and Advance Trade. Users could place orders that could get matched or cancel the order with no option to place market orders.

Finally, Coinbase announced through a post that the PYUSD-USD trading pair was officially live. After the announcement, users could log in to coinbase.com or the app on iOS and Android stores to buy, sell, convert, send, receive, or store these assets. However, the twist was that the PYUSD-USD trading pairs listing has the Experimental Label.

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Coinbase introduced the “Experimental” asset label to enhance transparency and user decision-making. The label is given to newly listed tradable assets or those with low trading volume compared to other assets on Coinbase’s broader crypto marketplace. The experimental title reminds users of the potential risks associated with such assets, including price volatility and the possibility of canceled orders due to lower trading volume and availability.

Does PayPal’s PYUSD have the potential to overthrow the reigning stablecoin leaders like USDC and USDT? The possibility seems high due to the massive number of PayPal users. One thing is certain: PayPal’s stablecoin will undoubtedly shake the crypto markets to its core and bring about a new dawn.

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