PayPal has finally launched its own U.S. dollar stablecoin, allowing users to buy, sell, hold, and transfer the token on its platform. Users can send the token to eligible accounts in the U.S. without any fees and use it for online shopping. PayPal also allows users to convert PYUSD into other cryptocurrencies. However, the option to purchase PYUSD was not immediately available on the website. Users on social media raised questions about the token’s use and its features, such as the ability to pause transfers and increase the total supply. The choice to issue PYUSD on Ethereum was seen as a significant moment for the protocol. Some criticized the use of Ethereum due to high transaction fees. PayPal acknowledged the possibility of different prices and fees when purchasing PYUSD outside of its platform. PayPal has been active in the crypto space, allowing customers to hold cryptocurrencies and transfer them between wallets. The company has also invested in blockchain startups. The launch of PayPal’s stablecoin was met with mixed reactions from the crypto community, with some criticizing it as a distraction from the innovation of holding bitcoin.
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