- PayPal (PYPL, Financial) and Coinbase (COIN) enhance their partnership to promote stablecoin PayPal USD (PYUSD).
- Users can buy, sell, and trade PYUSD on Coinbase with no fees; 1:1 USD redemption available.
- Over 430 million PayPal accounts globally targeted for increased PYUSD adoption.
PayPal Holdings, Inc. (PYPL) and Coinbase Global, Inc. (COIN) have announced an expansion of their partnership aimed at increasing the adoption and utility of PayPal's stablecoin, PayPal USD (PYUSD). This strategic collaboration is set to enhance the accessibility and appeal of PYUSD by eliminating platform fees for purchasing, selling, and trading on Coinbase platforms. Additionally, users will benefit from a guaranteed 1:1 redemption rate for U.S. dollars.
Building on the partnership initiated in 2021, which allowed Coinbase users to fund purchases and withdraw fiat via PayPal, this new agreement seeks to leverage PayPal's expansive network of over 430 million consumer and merchant accounts. The shared objective is to promote the global adoption of stablecoins by integrating them into financial operations and exploring new payment solutions in commerce, as well as decentralized finance (DeFi) and onchain platform use cases.
This collaboration represents a significant endorsement of stablecoins as a component of financial infrastructure, with PayPal aiming to combine its extensive payments expertise with Coinbase's robust crypto infrastructure. The partnership also underscores both companies' dedication to creating new, innovative use cases for PYUSD within the digital currency landscape.
