Coinbase is removing fees for purchases of PayPal's dollar-backed stablecoin Coinbase and PayPal will collaborate on “stablecoin based solutions” for payments and commerce as well as potential use cases for PYUSD in decentralized finance.

Coinbase, the largest publicly traded cryptocurrency exchange, is waiving fees on transactions connected to PayPal's stablecoin and allowing its users to redeem the token directly for U.S. dollars, a major milestone for PayPal as the company doubles down on crypto payments.

PayPal and Coinbase have announced an expanded partnership aimed at growing the use of PayPal USD (PYUSD), their U.S. dollar-backed stablecoin. As part of the collaboration, Coinbase users can now buy and sell PYUSD with zero transaction fees,