PayPal and Paxos Trust Partner to Launch PYUSD Stable Coin
PayPal stated on Monday that it will be launching a stablecoin for use in payments and transfers. Paxos Trust Company issues PayPal USD (PYUSD), which is backed by short-term U.S. Treasury bonds and other comparable cash equivalents. PayPal USD Paxos
When eligible U.S. PayPal customers buy PYUSD, they can use it to fund purchases by selecting it at checkout, transmit payments between people using PYUSD, transfer PYUSD between PayPal and compatible external wallets, and convert other supported cryptocurrencies to and from PYUSD.
The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar.
Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.
Dan Schulman, President and CEO, PayPal
Read Also: Kenya Government Suspends Worldcoin Amid Safety Concerns
Consumers, businesses, and developers will be able to connect fiat and digital currencies with ease using PayPal USD.
PayPal USD, the only stablecoin supported by the PayPal network, takes advantage of the speed, low cost, and programmability of blockchain technologies in addition to PayPal’s decades of experience with massive amount of payments.
PayPal USD will be made available to an existing sizable and expanding community of external developers, wallets, and web3 applications as an ERC-20 token released on the Ethereum blockchain. It can be quickly adopted by exchanges and used to power experiences inside the PayPal ecosystem.
With PayPal USD, you can send money quickly to friends and family, send remittances, and make international payments.
PayPal USD also makes it possible for you to send money directly to developers and other creators, which encourages the biggest brands in the world to keep investing in digital assets.
The majority of stablecoin usage at the moment is in web3-specific environments; PayPal USD will be immediately be compatible with that ecosystem and will shortly be accessible on Venmo.
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