PYUSD stablecoin adoption to increase with new partnership by PayPal and Coinbase

PayPal Holdings, Inc. and Coinbase Global, Inc. have announced an expansion of their partnership aimed at increasing the adoption, distribution, and utilization

PayPal Holdings, Inc. (NASDAQ:PYPL) and Coinbase Global, Inc. (NASDAQ:COIN) have announced an expansion of their partnership to drive the adoption, distribution, and utilization of PayPal USD (PYUSD) stablecoin.

This collaboration will deliver value for consumers, enterprises, and institutions as they continue to utilize digital currencies across platforms and edges with the stability of regulated USD-denominated crypto-native assets.

The partnership will see Coinbase’s millions of customers gain direct access to PYUSD, and the thousands of institutions already using crypto gain increased utility for PYUSD.

Key details of the collaboration include:

* Coinbase customers will have the ability to buy, sell, and hold PYUSD on the Coinbase exchange and through the Coinbase wallet.

* The two companies will collaborate on new products and services that combine PayPal's payments expertise with Coinbase's cryptocurrency technology.

* The goal is to create new use cases for PYUSD and drive broader adoption of digital currencies.

"For years, we've worked with Coinbase to build a best-in-class integration that provides a simple, familiar way for PayPal users to fund crypto purchases on Coinbase," said Alex Chriss, President and CEO, PayPal.

"As our goals aligned further, we launched PYUSD in combination with our unmatched payments expertise to unlock greater commerce applications. We are excited to now be able to push the boundaries on new, exciting and innovative use cases with Coinbase and the entire cryptocurrency community, putting PYUSD at the center and driving further utility and adoption for digital currencies among developers, customers and other users."

Coinbase CEO Brian Armstrong added: "We're excited to be announcing this partnership with PayPal.

"We see tremendous potential in working together to introduce new use cases for PAYUSD and expand the possibilities for both companies' customers.

"With more than 430 million consumer and merchant accounts, PayPal is a critical partner in driving the future of fintech and Web3."

This expands on a previous partnership announced in 2021, which saw Coinbase users able to link their PayPal accounts for immediate and direct funding of purchases on Coinbase, as well as making fiat currency withdrawals from Coinbase.