Coinbase Launches Zero-Fee PYUSD Conversions with PayPal; Files for XRP Futures
US-based crypto exchange Coinbase has formed a partnership
with PayPal to support the use of PayPal’s stablecoin, PYUSD. The collaboration
is aimed at increasing the adoption of stablecoins in digital payments.
Meanwhile, Coinbase has submitted a filing to the Commodity
Futures Trading Commission (CFTC) seeking approval to launch futures contracts
for the XRP token. According to the filing, the proposed product is a monthly,
cash-settled, and margined contract, traded under the symbol XRL.
Coinbase and PayPal Expand PYUSD Access
“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.
As part of the initiative, Coinbase will allow users to
convert between US dollars and PYUSD without paying any fees. This offer
applies to both retail and institutional customers. The company plans to use
its infrastructure to support PYUSD for PayPal’s largest merchant partners.
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Let’s do this, @PayPal.We’re teaming up to advance stablecoin payments. pic.twitter.com/OwLjresMqX
— Coinbase 🛡️ (@coinbase) April 24, 2025
Stablecoin Adoption Grows
The two companies will also explore the use of PYUSD for
onchain transactions. They said the goal is to expand stablecoin usage in
everyday payments and encourage more customers to use blockchain technology for
financial activities.
Coinbase pointed to a rise in stablecoin usage in recent
years. According to the company, global transaction volumes using stablecoins
grew from $6.2 trillion in 2023 to $22 trillion in 2024.
“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, the CEO of Coinbase.
This article was written by Tareq Sikder at www.financemagnates.com.