Coinbase and PayPal to advance stablecoin payments
TL;DR: We’re expanding our partnership with PayPal to accelerate the adoption, distribution, and utilization of the PayPal USD (PYUSD) stablecoin. Coinbase will enhance PYUSD’s utility by supporting 1:1 PYUSD-USD conversions across its best-in-class custody and trading platforms, and will explore the development of new onchain use cases for PYUSD.
Coinbase is excited to team up with PayPal to drive widespread stablecoin adoption. By delivering trusted and seamless custody, distribution, and access to PYUSD, Coinbase continues to scale the future of payments. Coinbase and PayPal will not only enable simplified customer access to stablecoins, but also make it easier than ever for millions of PayPal customers to bring their finances onchain.
As part of this effort, Coinbase will enable zero fee USD-PYUSD conversions for retail and institutional customers. Coinbase aims to leverage its leading infrastructure platform to expand support for stablecoins to PayPal's largest merchant partners, promoting broader adoption of faster and more efficient financial services. We will also collaborate with PayPal to explore new use cases onchain utilizing PYUSD.
The adoption of stablecoins for faster, low cost payments is core to Coinbase’s mission of accelerating access to financial freedom. Stablecoins are already transforming the global payments system, with transaction volumes surging 250% from $6.2T to $22T between 2023 and 2024. Our relationship with PayPal will take the payments revolution forward.
Learn more about PYUSD on Coinbase here.
