Breaking
🔥
PayPal Enters the Stablecoin Market With PYUSD
PayPal has launched PYUSD, an ERC-20 stablecoin issued on Ethereum.
PayPal has launched its stablecoin, called PayPal USD (PYUSD), an ERC-20 token backed by the US dollar. This makes PayPal the first major financial company to launch a stablecoin.
The launch of PYUSD is part of PayPal's efforts to increase its crypto offerings and make it more accessible to its customers.
Dan Schulman, president and CEO of PayPal, said:
PayPal USD (PYUSD) is expected to be used for payments and transfers. The stablecoin will be available to PayPal's US customers initially.
Issued by Paxos Trust Co., PYUSD will be pegged to the US dollar, and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents.
According to Paypal's press release
