Coinbase platforms to provide
fee-free purchases and easy 1:1 redemption of PayPal USD while
companies jointly explore new payment use cases
SAN
JOSE, Calif., April 24,
2025 /PRNewswire/ -- PayPal Holdings, Inc.
(NASDAQ: PYPL) and Coinbase Global, Inc. (NASDAQ:
COIN) today announced an expansion of their partnership to increase
the adoption, distribution, and utilization of the PayPal USD
(PYUSD) stablecoin. This collaboration will provide
value for consumers, enterprises, and institutions as they continue
to utilize digital currencies across platforms and borders with the
stability of regulated USD-denominated crypto-native
assets.
"For years, we've worked with Coinbase to enable a
best-in-class integration to provide a simple, familiar way for
PayPal users to fund crypto purchases on
Coinbase. Our objectives aligned further as we
deployed PYUSD in combination with our payments expertise enabling
greater commerce applications," said Alex
Chriss, President and CEO, PayPal. "We are excited to drive
new, exciting, and innovative use cases together 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."
This partnership will give Coinbase's millions of
customers direct access to PYUSD while also enabling the thousands
of institutions already using crypto increased utility
with PYUSD. Additional details include:
- 1:1 PYUSD to USD conversions– Coinbase
users will now be able to buy, sell, trade PYUSD with no platform
fees, while also being able to redeem PYUSD 1:1 for US dollars
directly on Coinbase platforms.
- Payments related activities – The two companies are
committed to collaborating on a variety of innovations that
will help accelerate the adoption and utility of
stablecoin based solutions for the purposes of moving
or managing money around the world, particularly in commerce.
- DeFi exploration – Coinbase
and PayPal agree to explore new use cases for PYUSD in
DeFi and onchain platforms.
"We're excited to be partnering with PayPal. Their more than 430
million consumer and merchant accounts offer an unprecedented
opportunity to increase stablecoin adoption globally,"
said Brian Armstrong, CEO,
Coinbase.
This agreement expands on the previous work between the two
companies announced in 2021, enabling Coinbase users
to use their PayPal accounts for immediate and direct funding of
purchases on Coinbase and making withdrawals of fiat
currency from Coinbase.
For more information about PYUSD, visit
www.paypal.com/pyusd.
About PayPal USD (PYUSD)
PayPal USD is issued by Paxos Trust Company, a fully chartered
limited purpose trust company. Paxos is licensed to engage in
Virtual Currency Business Activity by the New York State Department of Financial
Services. Reserves for PayPal USD are fully backed by U.S. dollar
deposits, U.S. Treasuries and similar cash equivalents, and PayPal
USD can be bought or sold through PayPal and Venmo at a rate of
$1.00 per PayPal USD.
About PayPal:
PayPal has been revolutionizing commerce
globally for more than 25 years. Creating innovative experiences
that make moving money, selling, and shopping simple, personalized,
and secure, PayPal empowers consumers and businesses in
approximately 200 markets to join and thrive in the global economy.
For more information, visit https://www.paypal.com,
https://about.pypl.com/ and https://investor.pypl.com/.
PayPal, Inc. (NMLS ID #: 910457) is licensed to engage in
Virtual Currency Business Activity by the New York State Department of Financial
Services.
About Coinbase
Crypto
creates economic freedom by ensuring that people can participate
fairly in the economy, and Coinbase (NASDAQ: COIN) is
on a mission to increase economic freedom for more than 1 billion
people. We're updating the century-old financial system by
providing a trusted platform that makes it easy for people and
institutions to engage with crypto assets, including
trading, staking, safekeeping, spending, and fast, free global
transfers. We also provide critical infrastructure for onchain
activity and support builders who share our vision that onchain is
the new online. And together with the crypto
community, we advocate for responsible rules to make the benefits
of crypto available around the world.
Contact: Media
Relations, mediarelations@paypal.com
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SOURCE PayPal Holdings, Inc.
