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PayPal launching crypto stablecoin !!
Global payments giant PayPal is entering the cryptocurrency market with its own U.S. dollar-pegged stablecoin, PayPalUSD, as per a Bloomberg report.
The token will soon be available to PayPal users in the U.S. and is the first time a major company is issuing its own stablecoin.
Starting today and rolling out in the coming weeks1, eligible U.S. PayPal customers who purchase PayPal USD will be able to Sell,Buy,Fund,Convert!
Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal at a rate of $1.00 per PayPal USD
Beginning in September 2023, Paxos will publish a public monthly Reserve Report for PayPal USD that outlines the instruments composing the reserves.
