The PayPal USD (PYUSD) stablecoin is fast approaching the $1 billion market cap milestone.
The strategic partnership will enable Coinbase users to access PYUSD without platform fees.
PayPal Holdings Inc. (NASDAQ: PYPL) and Coinbase Global Inc. (NASDAQ: COIN) announced a strategic partnership on Thursday, April 24. The two companies will work closely to enhance the global mainstream adoption of the PayPal USD (PYUSD) stablecoin.
PayPal and Coinbase have been working together to enable investors to seamlessly purchase and trade crypto assets.
“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,” Alex Chriss, President and CEO at PayPal, noted.
Direct Benefits of the Collaboration Between Coinbase and PayPal on PYUSD
The PYUSD Stablecoin, on the Solana and Ethereum networks, has grown to a market cap of about $860 million and a 24-hour average trading volume of about $20 million. PayPal has leveraged its vast customer base, amounting to more than 430 million consumer and merchant accounts, to strengthen the market outlook for the PYUSD stablecoin.
Through the strategic partnership, Coinbase users can now buy, sell, and trade PYUSD with no platform fees. Additionally, Coinbase users can now seamlessly redeem PYUSD 1:1 for U.S. dollars directly on the crypto exchange.
Most importantly, the two companies agreed to work together to explore new use cases for PYUSD in the Decentralized Financial (DeFi) ecosystem.
“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,” Brian Armstrong, CEO at Coinbase, noted.
Consequently, the PYUSD is well positioned to compete with other stablecoins, led by Ripple’s RLUSD, among others.
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XRP is under pressure, down nearly 6% in the past 24 hours and teetering just above the $2 mark as bearish momentum builds. A $1.02 billion unlock from Ripple’s escrow has sparked fresh concerns about oversupply, with tokens moved to operational wallets possibly poised for distribution.
At the same time, network activity has collapsed 87% since mid-March and technical indicators like DMI and EMA lines suggest growing downside risk. With weakening trend strength and fading demand, XRP may struggle to hold key support levels unless a catalyst revives bullish sentiment.
Ripple Wallet Activity Sparks Fears
Onchain data shows that Ripple has unlocked 500 million XRP—worth around $1.02 billion—from its escrow account.
The tokens were moved from the “Ripple (27)” escrow address to two operational wallets, “Ripple (12)” and “Ripple (13),” potentially positioning them for distribution or sale.
While the escrow account still holds another 500 million XRP, the movement of such a large amount into accessible wallets often raises concerns about increased market supply. If Ripple sells a portion of these tokens, it could create short-term selling pressure on XRP’s price.
From a technical standpoint, XRP’s DMI chart is flashing bearish signals. The ADX, which measures trend strength, has sharply declined to 26.68 from 42.45 just two days ago, suggesting the recent trend is weakening.
Meanwhile, the +DI has dropped to 12.91, down from 22 yesterday—indicating a decline in bullish momentum. At the same time, the -DI has surged to 27.43 from 15.64, pointing to rising bearish pressure.
This shift in directional strength, combined with the large token unlock, suggests XRP may face further downside unless demand quickly absorbs the incoming supply.
XRP Network Activity Collapses 87%
XRP’s network activity surged to record highs in March, with 7-day active addresses reaching an all-time peak of 1.22 million on March 18.
However, that momentum quickly faded, with the number now plummeting to just 158,000—an 87% drop in less than three weeks.
This dramatic reversal suggests that the recent spike in engagement may have been short-lived or event-driven rather than indicative of sustained adoption or growing user demand.
Tracking 7-day active addresses is a key on-chain metric, offering insight into how frequently a token’s network is being used. High activity can signal strong user interest and utility, often aligning with price support or rallies.
On the other hand, sharp declines in active addresses—like what XRP is now experiencing—can signal waning demand, decreasing network usage, and potential selling pressure.
XRP Faces Strong Downtrend, But Eyes Rebound If Key Levels Break
XRP’s EMA structure clearly reflects a strong ongoing downtrend, with short-term moving averages positioned well below the long-term ones and a wide gap between them—signaling persistent bearish momentum.
Unless bulls step in soon, XRP price may be on track to test support around $1.90, a key level that has held in the past.
KuCoin has officially launched its local crypto exchange in Thailand, now known as KuCoin Thailand, in partnership with ERX Company Limited. Fully licensed by Thailand’s Securities and Exchange Commission (SEC), this new platform combines KuCoin’s global trading experience with local operations.
The launch, effective April 22, marks a major step in KuCoin’s Southeast Asia expansion, offering secure and regulated digital token and cryptocurrency services to Thai users.
“Our goal is to build a leading digital asset platform in Thailand with global vision, institutional-grade service and state-of-the-art technology,” said Henry Chen, Board Director at ERX.
Solutions Tailored To Thai Market
The operator continues to be called ERX, which recently acquired a license from the SEC. KuCoin is one of the top five crypto exchanges globally. ERX’s Chief Executive Att Tongyai Asavanund said that the goal is to bring powerful global tech and resources to offer solutions tailored to the Thai market.
All the existing users have been migrated to the new platform, which can be accessed at www.kucoin.th or via the KuCoin TH app on mobile stores. ERX, now KuCoin Thailand now has a financial base with 351 million baht in paid-up capital. It’s almost entirely owned by Cryptosphere Ventures, a company set up in September 2024 with 1 million baht in initial capital.
KuCoin Thailand becomes the ninth crypto exchange to be licensed by the SEC, joining big names like Bitkub, Upbit, and Gulf Binance. Bitkub dominates Thailand’s crypto space with a trading volume of around $70 million.
KuCoin Eyes Rapid Expansions
Previously, Thailand faced regulatory headwinds in South Korea, where KuCoin’s app was blocked without a license. KuCoin is eyeing rapid expansions across Latin America, the Middle East and Europe, with its global user base nearing 40 million. It is also pursuing an EU-wide MiCAR license through Austria.
While crypto trading is popular in the country, using crypto for payments was banned in 2022. In April, regulators targeted foreign P2P platforms to fight scams and money laundering. KuCoin is also working to resolve a lawsuit with the U.S. CFTC.
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KuCoin has officially launched its local crypto exchange in Thailand, now known as KuCoin Thailand, in partnership with ERX Company Limited. Fully licensed by Thailand’s Securities and Exchange Commission (SEC), this new platform combines KuCoin’s global trading experience with local operations. The launch, effective April 22, marks a major step in KuCoin’s Southeast Asia expansion, …