Coinbase and PayPal Join Hands to Implement Free USD-PYUSD Conversion, Paving the Way for Instant Crypto Payments for Millions of Users.
Coinbase and PayPal have just announced an expanded strategic collaboration, focusing on boosting the influence of PayPal USD (PYUSD) – a stablecoin pegged to the US dollar. The announcement on 24/4 stated that Coinbase will support free conversion of PYUSD to USD and vice versa, marking an important step in bringing crypto payments into daily practical applications.
According to the announcement, this integration will allow both individual users and organizations to use stablecoins in Coinbase's custody and trading ecosystem. The goal of the two companies is not only to help customers easily access stablecoins but also to simplify the process of bringing millions of PayPal users into the onchain financial environment.
Stablecoins are Reshaping the Global Payment System
Coinbase emphasized the increasingly important role of stablecoins, citing that the trading volume of stablecoins has increased from $6.2 trillion in 2023 to $22 trillion in 2024. The company sees this as a crucial trend in the development of the global payment system.
"The application of stablecoins for fast, low-cost transactions is central to Coinbase's mission: expanding free financial access," the announcement clearly stated.
In addition to supporting free USD-PYUSD conversion, Coinbase will also explore new onchain utilities for PYUSD, paving the way for innovative payment applications and decentralized financial (DeFi) interactions.
PayPal also emphasized the benefits of this partnership: "This partnership will provide millions of Coinbase users with direct access to PYUSD, while expanding utility for thousands of organizations already using crypto."
Although the stablecoin sector still faces strict legal oversight, the joint initiative between Coinbase and PayPal demonstrates a clear commitment to making stablecoins an indispensable part of the mainstream financial system. Digital asset supporters believe that such collaborative relationships can play a crucial role in building a more efficient and inclusive global economy.
