PayPal Launches Stablecoin For Payments & Transfers
PayPal has launched its own cryptocurrency stablecoin, PayPal USD (PYUSD), to expand its crypto services and provide customers with more options. The stablecoin, issued by Paxos Trust Co., is backed by US dollar deposits, short-term Treasury bonds, and similar cash equivalents. It is refundable at a 1:1 rate against US dollars and is issued by the Paxos Trust Company.
Starting August 7th, US PayPal customers who purchase PayPal USD will be able to convert any supported cryptocurrencies to and from PayPal USD. This ERC-20 token, issued on the Ethereum blockchain, connects fiat and digital currencies for consumers, merchants, and developers. It is widely used by external developers, wallets, and web3 apps, and is easily adopted by exchanges. PayPal USD reserves are backed by US dollar deposits, US Treasury bonds, and similar cash equivalents. It can be bought or sold via PayPal at a rate of $1.00 per PayPal USD.
(With inputs from Shikha Singh)
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