A long-awaited plan
PayPal has announced the introduction of its own stablecoin, PayPal USD (PYUSD), for transfers and payments. This new cryptocurrency will be available to PayPal customers in the U.S. and will be backed by U.S. dollar deposits, short-term government bonds, and similar cash equivalents. The stablecoin is being developed in partnership with Paxos Trust, with whom PayPal had suspended the development in February due to a U.S. regulatory investigation.
Main breakdown of key points:
– PayPal has introduced its own stablecoin, PayPal USD (PYUSD), for transfers and payments.
– The stablecoin will be available to PayPal customers in the U.S.
– PYUSD will be backed by U.S. dollar deposits, short-term government bonds, and similar cash equivalents.
– The development of the stablecoin was previously suspended due to a regulatory investigation into Paxos Trust.
– PayPal had hired blockchain and cryptocurrency engineers, further reinforcing the rumors of its plans to launch a stablecoin.
Hot Take:
PayPal’s introduction of its own stablecoin is a significant move in the cryptocurrency space. By offering a stablecoin that is backed by U.S. dollar deposits, PayPal aims to provide its customers with a secure and reliable digital currency for transfers and payments. This development also highlights PayPal’s commitment to embracing blockchain and cryptocurrency technology, as evident from its recent hiring of blockchain and cryptocurrency engineers. Overall, this move has the potential to further mainstream the use of cryptocurrencies in everyday transactions.
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