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PayPal becomes the first mainstream financial institution in the US to launch a stablecoin (PYUSD) 🥳
Over in digital assets, PayPal became the first major financial company in the US to roll out their stablecoin (PYUSD), which will be issued by Paxos Trust and launched on Ethereum. The stablecoin will be 1:1 backed by USD deposits, short-term treasuries, and cash equivalents. Obviously, this was met with positive fanfare in the crypto space, where participants are hoping to see more real-world participation from conventional institutions. Interestingly, as an aside, the PYUSD was originally intended to be launched in 2022 on the Solana blockchain as a collaboration with the now disgraced-founder SBF and FTX. The alternate reality in 2022 carried such a different trajectory.
