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

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