Crypto exchange Coinbase (COIN) said it will introduce free conversions between PayPal’s dollar-pegged stablecoin, PYUSD, and the U.S. currency in a move aimed at accelerating the shift toward on-chain payments.
The move, open to both retail and institutional customers, is part of a partnership aimed at promoting PYUSD as a payment currency. Coinbase also plans to use its platform to offer PYUSD to PayPal’s extensive network of merchant partners, which could ease the use of stablecoins in everyday transactions.
Stablecoin rivalry heats up
Stablecoins — digital tokens pegged to traditional currencies, predominantly the dollar — are one of the fastest-growing sectors in crypto. They are marketed as a faster and cheaper alternative to legacy payment systems, and are increasingly popular for payments across borders. Standard Chartered projected the sector to grow to $2 trillion by 2028 from the current $220 billion.
With regulation for stablecoins advancing in the U.S., the competi
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