PayPal and Coinbase have deepened their partnership to advance the use and accessibility of PayPal USD (PYUSD), a US dollar-backed stablecoin, in both digital payments and decentralized finance (DeFi).
The renewed collaboration, announced Thursday, includes fee-free PYUSD purchases and 1:1 dollar conversions on Coinbase’s platform. It also aims to unlock new DeFi and on-chain applications, further establishing PYUSD as a reliable digital commerce tool.
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PayPal CEO Alex Chriss emphasized the importance of this strategic move, calling PYUSD “central to future commerce experiences.” Coinbase CEO Brian Armstrong echoed the sentiment, citing the opportunity to reach PayPal’s 430 million users worldwide.
Originally partnering in 2021 to streamline crypto purchases and withdrawals, the two companies are now extending their focus to institutional access and blockchain-based innovation.
PYUSD, issued by Paxos and backed by US dollar reserves, is available via PayPal and Venmo, and is seen as a cornerstone in the shift toward a more efficient and regulated digital economy.
