Paypal has introduced its own stablecoin, representing the first venture of its kind by a leading financial firm. Initially reported by Bloomberg, the launch could notably accelerate the slow integration of cryptocurrencies for payment purposes.
A New Era for Paypal: Introduction of PYUSD Stablecoin to Facilitate Cryptocurrency Trading and Payments
On Monday, the internet is buzzing about the financial giant Paypal launching a dollar-backed stablecoin. “The vision over time is that this becomes a part of the overall payments infrastructure,” Paypal CEO Dan Schulman stated during an interview with Bloomberg.
Dubbed “paypal usd (PYUSD),” the coin is issued by Paxos Trust Co. and is reportedly entirely supported by U.S. dollar deposits, short-term Treasury securities, and comparable low-risk assets. Tethered to the U.S. dollar, it will progressively become accessible to Paypal’s U.S. clientele, the report notes.
Through PYUSD, Schulman hopes to solidify Paypal’s dominance in d
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