This is brilliant, I can copy from my iPhone and paste on my Mac, or between two iPhones, or from the Mac to the iPhone.
At least this is what I read online about it, but it needs more to actually work. It needs Handoff to be enabled, and you can switch it ON through your system settings on both the iPhone and the Mac:
You'll also need to be on the same WiFi network, have Bluetooth enabled, and let the devices be within Bluetooth range (roughly 10 meters).
Then, it should work? May be. It does not work all the time. But if it did, it will work once and the universal clipboard will be cleared.
OS versions used: macOS Sierra 10.12, and iOS 10.0.1. Devices used: MacBook (early 2016), iPhone 6, and iPhone 6s Plus.