PayPal has officially launched its own U.S. dollar-backed stablecoin, called PYUSD. The stablecoin is issued by Paxos and fully backed by U.S. dollar reserves, including short-term Treasuries and cash equivalents.
PYUSD is designed to facilitate seamless transactions on PayPal’s platform, allowing users to send and receive payments, make purchases, and convert between different cryptocurrencies and fiat currencies.
This marks a significant step for PayPal in expanding its crypto offerings, as it aims to become a major player in the digital payments space.
PYUSD is also compatible with Ethereum, enabling integration with decentralized applications (dApps) and the broader DeFi ecosystem.
The launch of PYUSD is seen as a move to strengthen PayPal’s position in the rapidly evolving digital currency market.
