Stablecoin

United

PayPal USD

Elon Musk

<div class="insidebitcoins"> 
 <div class="telegrame_cta_content"> 
  <div class="wrap"> 
   <div class="telegrame_cta_content_inr"> 
    <p>Join Our <u>Telegram </u>channel to stay up to date on breaking news coverage</p> 
   </div> 
  </div> 
 </div> 
 <p class="p3"><span class="s1">In a groundbreaking move that could redefine the landscape of digital payments, <span class="s2">PayPal has announced </span>the launch of its own U.S. dollar-denominated stablecoin, aptly named PayPal USD (<i>PYUSD</i>). This move comes as a significant stride towards leveraging the potential of stablecoins in the evolving world of web3 and digital-native ecosystems. </span></p> 
 <p class="p3"><span class="s1">Alongside this groundbreaking development, PayPal has also unveiled an exciting giveaway initiative, underscoring its commitment to revolutionizing financial transactions and engaging and rewarding its user base.</span></p> 
 <p class="p3"><span class="s1">With a solid commitment to responsible innovation and compliance, PayPal’s entrance into the realm of stablecoins&nbsp;is underpinned by its dedication to providing users with a stable and reliable instrument in the realm of digital currencies.&nbsp;</span></p> 
 <p class="p3"><span class="s3">According to the statement</span><span class="s1">, the PYUSD is fully backed by <span class="s2">U.S. dollar deposits</span>, short-term U.S. Treasuries, and similar cash equivalents, assuring users of its security and stability.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the next few weeks, you’ll be able to buy, sell, hold and transfer PYUSD. Learn more https://t.co/53RRBhmNHx pic.twitter.com/53ur2KmjU7</p> 
  <p>— PayPal (@PayPal) August 7, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p3"><span class="s1">This approach of being 100% backed by real-world assets provides users with a sense of security and ensures the stablecoin’s redeemability at a 1:1 ratio with U.S. dollars.</span></p> 
 <p class="p3"><span class="s1">Dan Schulman, PayPal’s President and CEO, stated:&nbsp;</span></p> 
 <blockquote> 
  <p class="p4"><em><span class="s1">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.</span></em></p> 
 </blockquote> 
 <p class="p3"><span class="s1">Highlighting the company’s dedication to responsible innovation and compliance, Schulman added:</span></p> 
 <blockquote> 
  <p class="p4"><span class="s1"><i>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.</i></span></p> 
 </blockquote> 
 <h2 class="p5" id="span-class-s1-bridging-gap-between-fiat-and-web3-span"><span class="s1">Bridging Gap between Fiat and Web3</span></h2> 
 <p class="p3"><span class="s1">PayPal’s PYUSD will serve as a bridge connecting traditional fiat currency with the rapidly emerging web3 ecosystem. As an <span class="s2">ERC-20 token </span>built on the Ethereum blockchain, PYUSD will leverage the power of blockchain protocols to facilitate swift transactions while drawing on PayPal’s extensive experience in large-scale payments.&nbsp;</span></p> 
 <p class="p3"><span class="s1">This integration into the <span class="s2">Ethereum blockchain</span> also opens the stablecoin to a vibrant community of external developers, wallets, and web3 applications, further expanding its reach and potential for innovative use cases.</span></p> 
 <figure id="attachment_427801" aria-describedby="caption-attachment-427801" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-medium wp-image-427801" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20300%20167'%3E%3C/svg%3E" alt="PayPal Stablecoin" width="300" height="167" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp 300w, https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp 1024w, https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp 768w, https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp 1200w" data-lazy-sizes="(max-width: 300px) 100vw, 300px" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp"> 
  <noscript> 
   <img decoding="async" class="size-medium wp-image-427801" src="https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp" alt="PayPal Stablecoin" width="300" height="167" srcset="https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp 300w, https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp 1024w, https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp 768w, https://cdn.thebittimes.com/images/2023/08/08/3ee8441b772b4d35a6ba990f8e0626f9.webp 1200w" sizes="(max-width: 300px) 100vw, 300px"> 
  </noscript> 
  <figcaption id="caption-attachment-427801" class="wp-caption-text">
    Source: PayPal 
  </figcaption> 
 </figure> 
 <p class="p3"><span class="s1">The stablecoin’s utility is poised to make inroads in various sectors. It promises to smoothen the payment process in virtual environments, facilitate quick transfers of value for remittances or international payments, and empower developers and creators with direct financial flows. Additionally, its seamless integration with the web3 ecosystem aligns perfectly with its compatibility with PayPal’s existing offerings.</span></p> 
 <h2 class="p5" id="span-class-s1-unveiling-transparency-and-regulation-span"><span class="s1">Unveiling Transparency and Regulation</span></h2> 
 <p class="p3"><span class="s1">To enhance transparency, PayPal has chosen Paxos Trust Company to <span class="s2">issue the PYUSD </span>stablecoin. <span class="s2">Paxos, a fully licensed limited-purpose trust company</span> under the regulatory oversight of the New York State Department of Financial Services, ensures that U.S. dollar deposits, U.S. Treasuries, and equivalent cash assets meticulously back the stablecoin’s reserves.&nbsp;</span></p> 
 <p class="p3"><span class="s1">This dedication to transparency extends to monthly Reserve Reports, outlining the composition of the reserves and third-party attestations of the reserve’s value conducted following established accounting standards.</span></p> 
 <p class="p3"><span class="s1">To celebrate the launch of PYUSD, <span class="s2">PayPal has also introduced</span> an enticing giveaway initiative. The “PayPal Pays Back Giveaway” offers a chance for lucky users to win $50 each, with 100 winners in total. <span class="s2">The sweepstakes</span> on Twitter and Instagram&nbsp;encourage users to interact and participate while highlighting the accessibility and utility of PayPal’s offerings.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Ordering in tonight? We’ve cooked up a #PayPalPaysBack Giveaway to fuel your #TakeoutTuesday. Enter for a chance to win one of 100 $50 prizes. </p> 
  <p>To enter: Follow @PayPal<br>DM us the email address associated with your PayPal &amp; #PayPalPaysBack</p> 
  <p>Official Rules: https://t.co/3Z3Gy611ZZ pic.twitter.com/1ecd4RXsRL</p> 
  <p>— PayPal (@PayPal) August 8, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p3"><span class="s1">This ingenious initiative, however, comes with <span class="s2">a set of terms and conditions</span> that participants must be well-versed in. The giveaway is open exclusively to legal residents of the fifty United States and the District of Columbia who are at least eighteen years old as of the entry date.</span></p> 
 <p class="p3"><span class="s1">Furthermore, a <span class="s2">PayPal account in good standing</span> is an essential prerequisite to be eligible for receiving a prize.</span></p> 
 <p class="p3"><span class="s1">The introduction of PYUSD and the vibrant giveaway initiative collectively underscore PayPal’s journey towards transforming digital payments and ushering in a new era of financial inclusivity.</span></p> 
 <p class="p3"><span class="s1"><b>Related Articles</b></span></p> 
 <ul class="ul1"> 
  <li class="li3"><span class="s1">Best Crypto to Buy Now<br> </span></li> 
  <li class="li3"><span class="s1">PayPal’s Introduction to the Stablecoin Landscape: PYUSD<br> </span></li> 
  <li class="li3"><span class="s1">PayPal Slams The Brakes On Altcoin Project, Again<br> </span></li> 
 </ul> 
 <div class="inContentProviderSingle inContentColor--insidebitcoins fc-row"> 
  <div class="inContentProviderSingle--wrapper"> 
   <div class="container"> 
    <div class="row mb-lg-3"> 
     <div class="col-12 col-md-8"> 
      <p class="inContentProviderSingle--title">Wall Street Memes - Next Big Crypto</p> 
     </div> 
     <div class="col-12 col-md-4"> 
      <div class="inContentProviderSingle--rating"> 
       <div class="rating--holder"> 
        <p class="rating--text">Rating</p> 
        <div class="rating--star-container"> 
         <div class="rating--star" style="width: 100%;"></div> 
        </div> 
       </div> 
      </div> 
     </div> 
    </div> 
    <div class="row">  
     <div class="col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none"> 
      <img class="inContentProviderSingle--img mb-3" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20125%2060'%3E%3C/svg%3E" alt="Wall Street Memes" width="125" height="60" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg"> 
      <noscript> 
       <img class="inContentProviderSingle--img mb-3" src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg" alt="Wall Street Memes" width="125" height="60"> 
      </noscript> 
     </div> 
     <div class="col-12 col-md-8"> 
      <ul class="inContentProviderSingle--list"> 
       <li>Early Access Presale Live Now</li> 
       <li>Established Community of Stocks &amp; Crypto Traders</li> 
       <li>Featured on BeInCrypto, Bitcoinist, Yahoo Finance</li> 
       <li>Rated Best Crypto to Buy Now In Meme Coin Sector</li> 
       <li>Team Behind OpenSea NFT Collection - Wall St Bulls</li> 
       <li>Tweets Replied to by Elon Musk</li> 
      </ul> 
     </div>  
     <div class="col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block"> 
      <img class="inContentProviderSingle--img float-right" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20125%2060'%3E%3C/svg%3E" alt="Wall Street Memes" width="125" height="60" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg"> 
      <noscript> 
       <img class="inContentProviderSingle--img float-right" src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg" alt="Wall Street Memes" width="125" height="60"> 
      </noscript> 
     </div> 
    </div> 
    <div class="row"> 
     <div class="col-12 text-center"> 
      <div class="inContentProviderSingle--button">
        Learn More 
      </div> 
      <div class="inContentProviderSingle--disclaimerText"> 
      </div> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
 <div class="telegrame_cta_content"> 
  <div class="wrap"> 
   <div class="telegrame_cta_content_inr"> 
    <p>Join Our <u>Telegram </u>channel to stay up to date on breaking news coverage</p> 
   </div> 
  </div> 
 </div> 
</div>

PayPal Debuts USD Stablecoin with Giveaway

Table of Contents

TheBitTimes

Other articles published on Aug 8, 2023

Paypal USD: Boon for Ethereum but not decentralization, says community

Shopping Video Raises Eyebrows Amid SEC Lawsuit Against Richard Heart

GALA2: the Newly Launched Token From Former Original GALA’s Early Investors and The CONG Token Ne...

Pro-XRP Lawyer Exposes Alarming Ripple Scam Threat on X

PayPal’s PYUSD Stablecoin Now Listed on Huobi Exchange

PayPal’s Stablecoin Could Push Bitcoin to $250,000 and Ethereum to 10x Growth

Join our free newsletter for daily crypto updates!