Stablecoin

Ethereum

Global online payments giant PayPal is making waves in the cryptocurrency landscape with its latest announcement of the launch of its own stablecoin, PayPal USD (PYUSD).   
This move signifies PayPal's commitment to diversifying its crypto offerings and providing its users with a wider range of choices within the digital financial realm.   
PayPal USD is backed by the reputable Paxos Trust Co., a regulated trust company known for its custodial services for digital assets.   
This stablecoin is meticulously designed to be fully collateralized and secure, with its value directly linked to the US dollar. It gains its stability through backing from US dollar deposits, short-term US Treasury bonds, and similar cash equivalents.   
Addressing the emerging potential of stablecoins in web3 and digitally native environments, PayPal has taken a significant step by introducing PayPal USD.   
This USD-denominated stablecoin is poised to revolutionize payments in these digital realms, providing a reliable tool for seamless transactions.   
Starting today, a selected group of US PayPal customers will have the opportunity to engage with PayPal USD in various ways, including:   
<ul>  
 <li>Transferring PayPal USD between PayPal and compatible external wallets.</li>   
 <li>Facilitating person-to-person payments using PYUSD.</li>   
 <li>Making purchases with PayPal USD at checkout.</li>   
 <li>Exchanging any supported PayPal cryptocurrencies with PayPal USD.</li>  
</ul>   
Dan Schulman, the president, and CEO of PayPal, highlighted the significance of stable tools in the transition to digital currencies.   
He emphasized the necessity for a secure and easily adaptable solution that bridges the gap between digital and fiat currencies like the US dollar.   
As an ERC-20 token operating on the Ethereum blockchain, PayPal USD opens doors for an extensive network of external developers, wallets, and web3 applications.   
This compatibility allows for a smooth adoption process by exchanges and enables powerful experiences within the PayPal ecosystem.   
PayPal USD is fortified by the steadfast support of US dollar deposits, US Treasury bonds, and similar cash equivalents. Each PayPal USD token can be obtained or exchanged through PayPal at a constant rate of $1.00 per token, ensuring consistent value and ease of use.  
The post <a rel="noopener noreferrer nofollow" href="https://optimisus.com/market/market-news/paypal-unveils-stablecoin-solution-for-transactions/">PayPal Unveils Stablecoin Solution for Transactions</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://optimisus.com">Optimisus</a>.

PayPal Unveils Stablecoin Solution for Transactions

Optimisus

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