PayPal Holdings andCoinbaseGlobal announced the expansion of its partnership to increase the introduction, distribution and use of PayPal USD (PYUSD) stabilization currency. This cooperation will provide value to consumers, businesses and institutions in the use of digital currencies across platforms and across borders, while maintaining stability in the United States dollar-denominated encrypted original assets.

“For many years, we have been working with Coinbase to achieve top-level integration, providing PayPal users with a simple and familiar way to finance the purchase of encrypted money on Coinbase. As we deploy PYUSD and combine our payment expertise to further promote business applications, we have become more consistent in our goals,” said Alex Chris, President and Chief Executive Officer of PayPal. “We are pleased to be working with Coinbase and the entire community of encrypted money to promote new and exciting examples of innovation, to put PYUSD at the centre and to promote further use and adoption of digital money by developers, customers and other users.”

This collaboration will enable millions of Coinbase's clients to access PYUSD directly, while providing more practical PYUSD for thousands of institutions already using encrypted currency. Details include:

  • One: Coinbase users can now purchase, sell and trade PYUSD at no platform cost and can redeem PYUSD directly on the Coinbase platform at a rate of 1:1.
  • Payment-related activities: The two companies are committed to working together in a variety of innovative ways to help accelerate the adoption and practicalization of stable-currency-based solutions, especially in terms of moving or managing funds globally, especially in the commercial sphere.
  • DeFi explores: Coinbase and PayPal agreed to explore new PYUSD uses on DeFi and the chain platform.

“We are very pleased to work with PayPal. Their more than 430 million consumer and business accounts provide an unprecedented opportunity to increase the rate of use of stable currencies globally,” said Brian Armstrong, CEO of Coinbase.

This agreement extended the previous work announced by the two companies in 2021, enabling Coinbase users to use their PayPal account to immediately and directly finance the purchase on Coinbase and to extract the legal currency from Coinbase.