21 August 2023

PayPal Launches U.S. Dollar Stablecoin

Written By FinTech Alliance

PayPal Launches U.S. Dollar Stablecoin

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

In brief:

-PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents.

-PayPal USD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company. 

-Eligible U.S. PayPal customers who purchase PayPal USD will be able to transfer, send, fund purchases and covert paypal USD in supported cryptos.

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 U.S. dollar," said Dan Schulman, president and CEO, PayPal.

Read more here

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