Coinbase (coin) introduces free converting for PayPal pyusd as competition intensify Stablecoin
The Crypto Exchange Coinbase (COIN) said it would introduce free conversions between Paypal-Pegged Stablecoin dollars, PIUSD, and US money in a move aimed at accelerating the move towards on-chain payments.
Moving, open to both customers and institutional customers, is part of a Collaboration is aimed at promoting PEUSD as a payment currency. The Coinbase also plans to use its platform to offer PUSD to the extensive PayPal network of merchant partners, which may alleviate the use of stablecoins in sunny transactions.
Stablecoin’s rivalry is warming up
Stablecoins-digital tokens peg in traditional currencies, mainly the dollar-is one of the fastest growing sectors in crypto. They are sold as a faster and cheaper alternative to legacy payment systems, and are especially popular for payments throughout the boundaries. Standard chartered expected The sector grew to $ 2 trillion by 2028 from the current $ 220 billion.
With regulation for stablecoins Advancement In the US, the competition warms up to those who give as banks and traditional payment companies also see the market. Binance, the largest crypto exchange, and circle, gave the second largest dollar -supported dollar, have It’s already linked To use the USDC of the Circle as a trade pair and Payment method. Circle introduced a remittance network this week.
The head of the market Tether, giving $ 140 billion USDT, is Mulling The release of a stablecoin designed for US users.
Meanwhile, Paypal, whose Stablecoin raised in 2023 and grew up at $ 860 million, recently introduced A 3.7% annual harvest in pyusd for token holders to attract more users.
