PayPal and Coinbase announced an expansion of their partnership to increase the adoption, distribution, and utilization of the PayPal USD (PYUSD) stablecoin. This collaboration will provide value for consumers, enterprises, and institutions as they continue to utilize digital currencies across platforms and borders with the stability of regulated USD-denominated crypto-native assets. This partnership will give Coinbase’s millions of customers direct access to PYUSD while also enabling the thousands of institutions already using crypto increased utility with PYUSD. Additional details include:
1:1 PYUSD to USD conversions– Coinbase users will now be able to buy, sell, trade PYUSD with no platform fees, while also being able to redeem PYUSD 1:1 for US dollars directly on Coinbase platforms.
Payments related activities – The two companies are committed to collaborating on a variety of innovations that will help accelerate the adoption and utility of stablecoin based solutions for the purposes of moving or managing money around the world, particularly in commerce.
DeFi exploration – Coinbase and PayPal agree to explore new use cases for PYUSD in DeFi and onchain platforms.