Crypto Exchange Coinbase (Coin) said it will introduce free conversions between PayPal’s dollar-pegged stableecoin, PYUSD and the US currency in one step aimed at speeding up the shift against payments on chain.

The move, open to both retail and institutional customers, is part of a partnership aimed at promoting PYUSD as a payment currency. Coinbase also plans to use his platform to offer PYUSD to PayPal’s extensive network of trading partners, which can facilitate the use of stablecoins in everyday transactions.

StableCOin rivalization is heated

StableCoins-digital tokens tied to traditional currencies, predominantly dollar-is one of the fastest growing sectors in crypto. They are marketed as a faster and cheaper alternative to older payment systems and are increasingly popular for cross -border payments. Standard Chartered expected the sector to grow to $ 2 trillion in 2028 from the current $ 220 billion.

With regulation for stableecoins moving on in the United States, competition is heated among issuers, while banks and traditional payment companies also look at the market. Binance, the largest crypto exchange, and circle, issuing of the second largest dollar -supported stablecoin, have already linked to using Circle’s USDC as a trading pair and payment method. Circle introduced a transfer network this week.

Market leader Tether, issuer of USDTT of $ 140 billion, emits a stablecoin designed for US users.

Meanwhile, PayPal introduced, whose stableecoin debuted in 2023 and has grown to $ 860 million, recently a 3.7% annual dividend on Pyusd for us token holders to attract more users.