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· PayPal has introduced a dollar-pegged stablecoin dubbed PayPalUSD (PYUSD).· The stablecoin is fully backed by US dollar deposits, short-term Treasuries, and similar cash equivalents.· PYUSD would be issued by Paxos Trust Company and would be available to US customers soon.PayPal, the American multinational financial technology company, has launched a dollar-pegged stablecoin dubbed PayPalUSD, in an attempt to enter the world of virtual currencies. As per a recent Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-08-07/paypal-launches-us-dollar-stablecoin-pyusd-for-payments-transfers#xj4y7vzkg" rel="noopener noreferrer nofollow">report</a>, the stablecoin fully backed by US Dollar deposits, short-term Treasuries, and similar cash equivalents, is issued by the blockchain platfrom Paxos Trust Company.PayPal <a href="https://www.prnewswire.com/news-releases/paypal-launches-us-dollar-stablecoin-301894262.html" rel="noopener noreferrer nofollow">announced</a> on August 7 via a press release, the launch of the PayPalUSD, assuring that the assets would be available to US customers in the coming days. The statement read: “Fully-backed, regulated stablecoins have the potential to transform payments in web3 and digitally native environments. To address that emerging potential, PayPal (NASDAQ: <a href="https://www.prnewswire.com/news-releases/paypal-launches-us-dollar-stablecoin-301894262.html#financial-modal" rel="noopener noreferrer nofollow">PYPL</a>) today announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD).” Jose Fernandez da Ponte, the Head of PayPal’s blockchain team commented on the company’s strive towards achieving a distinct and definite position in the fast-growing market. He pointed out that PayPal believes that the regulatory environment is “progressing toward more clarity”, necessitating the urgency for an alternative stablecoin.-Read full article at <a href="https://cryptotale.org/paypal-launches-paypalusd-stablecoin-embracing-crypto-space/" rel="noopener noreferrer nofollow">CryptoTale.</a>

PayPal Launches PayPalUSD Stablecoin Embracing Crypto Space

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