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PayPal has announced the launch of a US dollar-pegged stablecoin. 
Leading payments giant PayPal has taken another step into the crypto sector by launching a dollar-pegged stablecoin. According to a <a href="https://www.prnewswire.com/news-releases/paypal-launches-us-dollar-stablecoin-301894262.html" rel="noopener noreferrer nofollow">press release </a> today, the stablecoin is backed by short-term US Treasuries, US dollar deposits, and cash equivalents. 
Dubbed PayPal USD, the stablecoin will be issued by Paxos Trust Co. Notably, Paxos will publish a monthly Reserve report for the stablecoin from September 2023. 
Furthermore, Paxos will also issue a public third-party attestation of the stablecoin’s reserve assets. 
<h2 id="span-style-font-weight-400-paypal-usd-to-work-with-other-offerings-span">PayPal USD to Work With Other Offerings </h2> 
PayPal USD is expected to work alongside the company’s other cryptocurrency <a href="https://thecryptobasic.com/2022/06/07/paypal-users-can-now-send-bitcoin-btc-and-ethereum-eth-to-external-wallets/" rel="noopener noreferrer nofollow">offerings </a>. Per the announcement, users can transfer the stablecoin from their PayPal accounts to other external wallets. 
In addition, users can also swap the dollar-denominated stablecoin for cash or other supported crypto assets. Furthermore, users can make purchases using PayPal USD. The stablecoin will be redeemable 1:1 for US dollars. 
<h2 id="span-style-font-weight-400-paypal-ceo-reacts-span">PayPal CEO Reacts </h2> 
Commenting on the development, PayPal’s CEO Dan Schulman noted that the shift towards digital currencies requires a stable instrument that is digitally native and easily connected to fiats, like the US dollar. 
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<a href="https://thecryptobasic.com/2023/08/07/paypal-launches-dollar-pegged-stablecoin-for-payments/" rel="noopener noreferrer nofollow">Read more</a>

PayPal Launches Dollar-Pegged Stablecoin For Payments

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TheCryptoBasic

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