PayPal Launches U.S. Dollar Stablecoin in Collaboration with Paxos
Published 1 minute earlier on Silicon Valley-based payments firm PayPal announced it is launching a U.S. dollar stablecoin in conjunction with Paxos. The new digital token will be pegged to the dollar and “gradually” made available to PayPal’s customers in the U.S., PayPal said in a press release. Paxos will issue the coin labeled PayPal USD, or PYUSD. Issued on the Ethereum blockchain, PYUSD will be “fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents,” the company also said.
Key Points:
– PayPal is launching a U.S. dollar stablecoin in collaboration with Paxos.
– The stablecoin, called PayPal USD (PYUSD), will be pegged to the dollar and backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
– Eligible PayPal customers will be able to make transfers and purchases using the stablecoin.
– The stablecoin will also be convertible to and from other supported cryptocurrencies.
– PayPal’s stablecoin will be issued on the Ethereum blockchain, making it accessible to the wider crypto community.
Hot Take:
PayPal’s decision to launch a U.S. dollar stablecoin in collaboration with Paxos is a significant move that highlights the growing acceptance and adoption of digital currencies. By offering a stablecoin that is backed by U.S. dollars and issued on the Ethereum blockchain, PayPal is providing its customers with a secure and convenient way to engage in digital payments. This initiative not only benefits PayPal users but also contributes to the growth of the larger crypto community by making the stablecoin accessible to external developers and applications. Overall, this development further solidifies PayPal’s position as a key player in the digital payments space.
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