PayPal announced the release of its own stablecoin PayPal USD (PYUSD). It will be possible to carry out operations with the asset in a few weeks.
The token has been released on the Ethereum network and will also soon be available to PayPal users in the US.
Customers will be able to transfer PYUSD between PayPal accounts and supported external wallets, pay for purchases and convert it to fiat.
PYUSD will be issued by Paxos Trust.
Starting in September 2023, Paxos will publish a monthly report on the coin's reserves.
