08 August 2023

PayPal launches its own stablecoin

Written By FinTech Alliance in Digital Currency

PayPal launches its own stablecoin

PayPal has launched a US dollar denominated stablecoin, designed for digital payments and Web3, and to be compatible with the most widely used exchanges, wallets and Web3 apps

In brief:

-PayPal USD (PYUSD) is fully backed by US dollar deposits, short-term US treasuries and similar cash equivalents, and can be redeemed 1:1 for US dollars.

-Starting today and rolling out in the coming weeks, eligible US PayPal customers who purchase PayPal USD will be able to transfer the token to external wallets

-Most of the current volume of stablecoins is used in web3-specific environments, but Paypal's global brand recognition seems certain to propel the novel payments asset into the mainstream.

What does this mean?

"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar," says Dan Schulman, president and CEO, PayPal.

Read more here

Up Next ...
04 November 2024

Finance apps are in ‘need of improvement’, says a quarter of Brits

A recent survey by UK mobile specialists Apadmi reveals that ...

04 November 2024

Barclays acquires Tesco Bank

Barclays Bank UK PLC has completed the acquisition of Tesco ...

04 November 2024

fundcraft Increases Series A to €11 Million Demonstrating Strong Product-Market Fit

fundcraft has increased its Series A funding to €11 million, ...

01 November 2024

Mollie and Hyvä announce strategic partnership, launching Hyvä Commerce

Mollie, a leading financial service provider, has partnered with Hyvä, ...

More in Digital Currency

Zumo and CCRI Partner

29 April 2024

Pushing back against growing crypto carbon footprint. In brief:- After the ...

Singapore to pilot use of wholesale central bank digital currencies in 2024

20 November 2023

In 2024 Singapore will pilot the live issuance and use ...

PayPal Launches U.S. Dollar Stablecoin

21 August 2023

PayPal USD (PYUSD) is fully backed by U.S. dollar deposits, ...

MAS firms up regulatory framework for stablecoins

21 August 2023

The Monetary Authority of Singapore (MAS) has laid out its ...

White Papers Digital Currency

The digital pound: a new form of money for households and businesses?

12 June 2023

This consultation – issued jointly by HM Treasury and the Bank of England – opens that conversation...

White Papers Digital Currency

Connecting digital islands: CBDCs

28 March 2023

There is a growing momentum towards exploring Central Bank Digital Currencies (CBDCs) amongst centra...

White Papers Digital Currency

Banking Circle on: As crypto evolves, how should Banks approach CBDCs & stablecoins?

13 July 2022

Banks must prepare for crypto or risk falling behind the competition. The acceptance network fo...

White Papers Digital Currency

Study on New Digital Payment Methods

25 May 2022

This study seeks to provide the European Central Bank (ECB) with a thorough understanding of the cur...

There are no Events in this category