PayPal Launches Stablecoin: PayPalUSD
Global payments company PayPal is entering the cryptocurrency market with its U.S. dollar-pegged stablecoin, PayPalUSD.
Global payments company PayPal is entering the cryptocurrency market with its U.S. dollar-pegged stablecoin, PayPalUSD, as reported by Bloomberg. This marks a significant step for the company in the digital currency space.
PayPal USD ($PYUSD) will be “fully backed“ by
- U.S. dollar deposits
- short-term Treasuries
- similar cash equivalents
Previously, PayPal supported transactions for a limited number of tokens: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The introduction of PayPalUSD expands the company’s cryptocurrency offerings.
(Read more: Paypal Will Soon Allow Crypto Transfer to External Wallets)
The stablecoin is launched in collaboration with Paxos, which has experience in this domain, having issued the Binance USD token in the past.
U.S.-based PayPal users will soon have access to PayPalUSD, adding a new dimension to their digital payment options.
Source: Bloomberg
This is a developing story.
This article is published on BitPinas: PayPal Launches Own Stablecoin PayPal USD
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