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.

The move comes two days after Circle, a stablecoin partner of Coinbase, debuted a payment network challenging PayPal's remittance business.

Coinbase Global (NASDAQ:COIN), the biggest U.S.-based cryptocurrency exchange, started waiving fees on PayPal Holdings' (NASDAQ:PYPL) stablecoin and allowing its users to redeem the coin directly for U.