According to a press release, payment company PayPal launched a U.S.-backed stablecoin called PayPal USD (PYUSD). The digital asset is supported by short-term US treasuries and their cash equivalents, and other assets in the nascent sector, such as Tether (USDT) and USD Coin (USDC), are redeemable on a 1:1 parity for its underlying.
PayPal Joins Stablecoin Sector With US-Backed Digital Asset
Per the release, PayPal’s stablecoin is issued by the Paxos Trust Company. The digital asset will be available to “eligible US customers” for now.
The stablecoin enables users to perform transfers within the platform and with compatible external wallets. The asset can also be used for purchases and exchange for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.
Dan Schulman, president, and CEO of the payment company, stated the following regarding the launch and its potential to improve payment instruments:
The shift toward digital currencies requires a stable instrument that i
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